Analyst: this bitcoin stock is a better buy than Coinbase

2023-2-17 21:45

D.A. Davidson analyst downgraded Coinbase stock on Thursday. Chris Brendler says RIOT has potential to rally a lot more. Both crypto stocks are currently up more than 100% for the year.

The massive year-to-date rally in Coinbase Global Inc (NASDAQ: COIN) should be seen as an opportunity to cut your exposure to this name, says Chris Brendler. He’s a Senior Equity Analyst at D.A. Davidson.

Brendler sees downside in COIN to $60

On Thursday, Brendler downgraded the crypto exchange to “neutral” and announced a price objective of $60 that represents about a 15% downside from here. In a research note, he said:

FTX debacle is still reverberating. While we agree with management’s view that improved clarity and a level playing field should be good, near-term path looks increasingly treacherous.

The analyst particularly quoted regulatory challenges as a meaningful headwind. Last week, the SEC ordered Kraken to terminate crypto staking in the United States – which is concerning for Coinbase since it offers similar services as well.

Coinbase is expected to lose $2.39 a share in its current financial quarter versus $3.32 of per-share earnings a year ago.

Brendler sees more upside potential in RIOT

On the flip side, Bitcoin surpassed $25,000 today for the first time in more than six months that paints somewhat of a rosy picture for the crypto space at large.

According to Brendler, though, there are better alternatives to play that strength in BTC prices than Coinbase. One such substitute that pops out to him is Riot Platforms Inc (NASDAQ: RIOT).

You don’t need to own Coinbase to play bitcoin, miners like RIOT with no debt and bitcoin on their balance sheet have potential to rally a lot more than Coinbase.

Last month, the Nasdaq-listed firm said it produced a record 740 bitcoin in January. As of the end of January, Riot held roughly 6,978 BTC in total. For the year, Riot stock is also up more than 100% at writing.

The post Analyst: this bitcoin stock is a better buy than Coinbase appeared first on CoinJournal.

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coinbase analyst stock says rally better bitcoin

Источник: coinjournal.net

coinbase analyst → Результатов: 61


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Coinbase stock could tank 35% despite Bitcoin ETF approval – analyst says

2024 will likely be “a more challenging year” for Coinbase Global Inc (NASDAQ: COIN), says Kenneth Worthington – a JPMorgan analyst. Coinbase stock has downside to $80 Worthington downgraded the crypto company this morning to “underweight” and said its shares could tank to $80 – which suggests more than a 35% downside from here.   […]

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Analyst Downgrades Coinbase, Sees Exchange’s Market Price Dropping 25% – Details

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2023-7-6 08:52


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Analyst: Only 5 exchanges will survive, Coinbase will be one of them

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2023-1-11 09:22


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Coinbase Listing May Boost Bitcoin to $70,000 – Bloomberg’s Chief Analyst Says

Coinbase is now a publicly traded company after the grand listing by Nasdaq on 14 April finally went through. In addition to having a direct positive outcome for the largest US-based crypto-exchange in terms of increased valuation and trading volume, the listing also avails Bitcoin to a wider investor pool and is likely to drive […]

2021-4-15 11:32


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Why the CFTC suing Coinbase is a bullish blessing in disguise for Bitcoin

On-chain analyst Willy Woo notes that the sanction spree the CFTC has embarked on could potentially be favorable to cryptocurrencies and investors. Taking to Twitter, Willy Woo—an investor and analyst—asked, “anyone noticing BTC getting easier to trade ever since the CFTC went on the warpath to clean up crypto exchanges?”  In the tweet which went […]

2021-3-22 13:53


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66% of Coinbase Users Willing to Leave the Exchange Due to Mounting Privacy Concerns

Two-thirds of people who use Coinbase are willing to leave the platform following reports that the U.S. exchange plans to sell user data to two government agencies for $250,000. Cryptocurrency trader and analyst John Rager carried out a poll on Twitter, asking his 73,000 followers: “Would you actually delete or stop using your Coinbase account?” […] The post 66% of Coinbase Users Willing to Leave the Exchange Due to Mounting Privacy Concerns appeared first on Bitcoin News.

2020-6-8 16:30


XRP price versus on-balance volume comparison reveals shady hoarding on Bitfinex & Binance, claims analyst

XRP, the second largest altcoin in the market, bottomed out of its sluggish market performance last month and led the market with its frenemy, Stellar Lumens [XLM]. After falling by over 12 percent on a year-to-date basis, XRP was buoyed following announcements from Coinbase and Nasdaq, and the fact that it broke its 200-day moving […] The post XRP price versus on-balance volume comparison reveals shady hoarding on Bitfinex & Binance, claims analyst appeared first on AMBCrypto.

2019-6-5 18:00


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Prominent Analyst: Bitcoin (BTC) Bull Season 99% On, Yet Price Could Stumble In The Short-Term

Bitcoin Is (Almost) Confirmed To Be In A Bull Run Bitcoin is back. While BTC has slowed over the past 12 hours, falling to $7,700 after a rally to $8,350 on Coinbase, the market still... The post Prominent Analyst: Bitcoin (BTC) Bull Season 99% On, Yet Price Could Stumble In The Short-Term appeared first on Ethereum World News.

2019-5-15 03:40


Wall Street Analyst: Coinbase Could Gain Indomitable Positions Against Competition

Wall Street Should Be Cautious As Exchanges Like Coinbase Gain Indomitable Positions The revenue of the cryptocurrency exchanges is about to explode all over the world so it looks like Wall Street is missing its shot to stop companies like Coinbase from getting ahead and becoming the new beacons of the world’s financial system. The […]

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