DA Davidson Starts Upcoming IPO Coinbase (COIN) at Buy; Sees Direct Listing as 'Amazon Moment' for Crypto

(Updated - March 3, 2021 8:53 AM EST)

DA Davidson analyst Gil Luria initiates coverage on upcoming direct listing IPO Coinbase Global Inc. (NASDAQ: COIN) with a Buy rating and a price target of $195.00..

"We see the upcoming Coinbase direct listing as the “Amazon moment” for crypto - the milestone point in time when the world of crypto and the traditional financial system become truly intertwined and crypto moves from a large curiosity to becoming the future path for much of the financial system," Luria commented.

The analyst sees Coinbase as the "Standard Bearer" for the industry. "[W]e believe Coinbase emerged as a leader in facilitating the on-ramp/off-ramp from government currency into crypto because of its superior user experience, security and strong compliance. We say this not just in the context of crypto, but more broadly within consumer finance. With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution."

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