Deutsche Bank Initiates Coverage of Metaverse Play Matterport, Sees Near 50% Upside

Deutsche Bank initiated coverage of metaverse play Matterport with a buy rating, calling the company a leader in the digitization of the built world.

The bank's analysts led by Bhavin Shah started coverage on Tuesday with a price target of $14, implying a 46% upside from the recent close.
Matterport’s spatial data platform enables customers to create a digital twin of any space or building with relative ease, and this should drive impressive growth over the foreseeable future, the note says.
Strong mindshare, a robust capture services network and a freemium model are meaningful network effects, which should accelerate the company’s competitive positioning, the report added.
Much of the real estate industry has lagged in innovation, and these underlying industry dynamics bode well for Matterport, Deutsche Bank said.
The market opportunity is sizeable, with the global opportunity at $240 billion and an $11.2 billion total addressable market in the U.S. alone, it added.
The bank sees a significant long-term opportunity for Matterport to provide insights and to monetize the spatial data on its platform.
Matterport shares closed 1.4% lower at $9.59 on Tuesday.

Read more: How to Invest in the Metaverse

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Will Canny

Will Canny is CoinDesk's finance reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.