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.
Read more: The Ethereum Merge Has an Official Kick-Off Date
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.
Read more: Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says
