Coinbase Gets Hold-Equivalent Rating From Barclays on Crypto Regulatory Risk

Taking note of regulatory risk and exposure to retail trading revenue, Barclays (BCS) analyst Benjamin Budish initiated coverage of crypto exchange Coinbase (COIN) with an equalweight rating and $80 price target.

Challenges will linger for Coinbase despite some positive catalysts such as the Ethereum Merge and industry consolidation, said Budish on Tuesday in a note to clients.

Budish's $80 price target nevertheless suggests nearly 20% upside from today's closing price of $67.03.

Alongside the new Coinbase coverage, Barclays started online brokerage Roinbhood (HOOD) with an underweight rating and $10 price target, citing negative customer impacts from inflation and/or a potential economic recession.

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.

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

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.