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

The bank initiated coverage with a buy rating and $14 price target.

AccessTimeIconFeb 2, 2022 at 1:33 p.m. UTC
Updated May 11, 2023 at 4:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.
  • Why Prada Is at the Forefront of Digital Fashion and Metaverse
    00:54
    Why Prada Is at the Forefront of Digital Fashion and Metaverse
  • What Will The Metaverse Look Like in the Future?
    16:36
    What Will The Metaverse Look Like in the Future?
  • The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
    01:22
    The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
  • Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
    11:34
    Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
  • Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    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.



    Read more about