Via ZeroHedge:
....MoffettNathanson’s Lisa Ellis became the first analyst to initiate coverage of Coinbase with a buy rating and a $600 price target, calling the company a leader in the cryptocurrency ecosystem even as it sees 2021 as the peak year of the current cryptocurrency cycle, with COIN rev. $4.6b, up 260% y/y.
“We believe cryptocurrencies are one of the most innovative technologies in decades and will succeed, and Coinbase offers a pure expression of this trend,” Ellis wrote in a note titled “Be Bloody, Bold, and Resolute,” a quote from Shakespeare’s Macbeth.
According to Ellis, the COIN price target is justified because it is comparable to companies in “hyper-growth” stages like Adyen, Shopify, Afterpay, Square; is also tracking crypto ETFs, which may dampen retail demand for standalone cryptocurrency brokerages like COIN....
....MUCH MORE
Ms. Ellis, a partner at MoffettNathanson, made the call yesterday.
