In addition to stocks in general and crypto markets in particular, it was a rough few weeks for Coinbase (Coin), with stocks falling by about 30% from mid-February and 40% since early December, reaching a 52-week high.
Investment company Rosenblatt spies on opportunities and says investors will benefit from buying dip as investors remain set to benefit from the Trump administration’s pro-crypto stance.
“The coin should be a transparent blue chip for the sector and beneficiaries of multiple positive tailwinds,” Rosenblat Analyst Chris Blendler began reporting on the crypto exchange with a purchase rating and a price target of $305. “Coin also demonstrates its ability to navigate both bull and bear markets and believes that with the growth of non-trading revenues, the stock will prove to be more resilient in the next crypto winter.”
“Fortunately, we think it’s like a ‘crypto spring’ now, something like stock after pullback,” he added.
Blendler attributes the recent decline in coins as a result of repeated tariffs that have been on, imposed in addition to the broad political uncertainty imposed by President Donald Trump.
Nevertheless, Coin remains the dominant player in the industry, thanks to its strong brand, deep liquidity and excellent user experience, according to Blendler.
“The clarity of the regulations attracts more TRADFI players to Crypto, but Coin’s over 10 years of head start and comprehensive product suite positions it to maintain market leadership,” he added.
In addition to another difficult day in the market, the coin will be 1% lower on Friday. The NASDAQ is down 1.4%, the S&P 500 is down 1.1%, and Bitcoin is down 3.5% off to $87,000.
