Goldman Sachs begins ‘buy rating’ of Coinbase

Goldman Sachs begins ‘buy rating’ of Coinbase

BUSINESS | May 25, 2021 | WOZINGA NEWS

Goldman Sachs begins ‘buy rating’ of Coinbase

  • Analyst Will Nance set $306 as the 12-month target price in Coinbase. It signifies a 36% of the share price increase.

By Marielle Petere Wozinga Journalist

Goldman Sachs begins ‘buy rating’ of Coinbase

Goldman Sachs analyst Will Nance mentioned through a note to clients that Coinbase is the best approach for investors to buy shares, gain exposure in the crypto environment, and avoid volatility.

According to CNBC on Monday, Goldman Sachs is a US-based leading multinational investment bank. It has started coverage of crypto exchange Coinbase with a buy rating.

Based on the report, Coinbase shares regard as the fence. It is opposed to cryptocurrency volatility. Also, analyst Nance set a $306 as the 12-month target price. It signifies 36% of a share price increase.

Goldman Sachs' core trading business

At the same time, Nance noted that this bank believes that the core business today opens an attractive increase of profile to lead to new high levels of profitability.

“…we see significant white space for new initiatives to drive more stable and recurring revenue streams to complement the core trading business over the longer term,” he added.

Coinbase stock was listed on NASDAQ on April 14 with $381, Goldman Sachs. Lately. this top bank said that Coinbase compared to S$P 500.

On another point, a client stated that the future situation of Coinbase depends on the price movement of the digital currencies.

At the press time, the Coinbase price (NASDAQ: COIN) is 228.755 with a market capitalization of $47,017,839,330. Right after Goldman Sachs initiated buy rating, it reached almost 3.5% to more than $235 during premarketing trading.

Smart city, the future of Bogota

Meanwhile, this development plan has gained lots of support from several entities. To name some of its supporters, these are Jorge Tadeo Lozano University, Innpulsa, and Biointropic y Tribe Accelerator Singapur.

In addition, Bogotá Mayor Claudia López posted on Twitter. She invited local firms to apply for the blockchain program beginning on June 25. Moreover, another report said that Bogotá has three programs that involve products, services, and innovative environmental businesses.

At some point, Cointelegraph relayed that this metropolis had become the headliner as the city launched the free online classes included blockchain technology. Besides, CoinDesk retold the growth of cryptocurrencies back in 2020 with 11.3% of the country’s global trading volume.

Do you agree to Will Nance that the solution of crypto volatility is Coinbase share?

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