While the cryptocurrency market has cooled somewhat in recent days, Coinbase Global (NASDAQ: COIN) stock remains a very compelling buy. This is the opinion of analyst Will Nance of Goldman Sachs (NYSE: GS). On Monday, he kicked off the investment bank’s coverage of Coinbase with an unreserved buy recommendation on a price target of $ 306 per share – almost 36% above its last closing price.
“If significant parts of the economy can move to blockchain and crypto-native technology over time, Nance added,” We see significant opportunities for [Coinbase] benefit from its status as a critical element of financial infrastructure for the ecosystem. “
Among the “infrastructure” services that the forecaster believes Coinbase can benefit from secured loans as well as cryptocurrency and related investments through its venture capital unit. Nance also believes the company faces significant opportunities in the subscription space.
Coinbase, which is still a new name on the market after its IPO in April, wasn’t as hot an investment as many of the cryptocurrencies it covered. It’s down over 31% since it went public.
Perhaps his fate will begin to change. On Monday, it rose 0.4%, despite being outperformed by nearly 1% in the S&P 500.