Coinbase Stock Outlook: Analyst Sees 35% Upside to $75

• H.C. Wainwright analyst Mike Colonnese initiated Coinbase stock with a “buy” rating and sees upside to $75.
• The stock has lost 35% over the past month, but is expected to recover soon due to its strong brand, compliance focus, large user base and Q1 earnings results.
• Regulatory clarity in the future will also help drive Coinbase stock up.

Coinbase Stock Outlook

H.C. Wainwright analyst Mike Colonnese has initiated coverage of Coinbase Global Inc (COIN) with a “buy” rating and sees upside to $75 in the near-term, despite a 35% pullback in the stock over the past month.

Reasons for Optimism

Colonnese is bullish on Coinbase for one simple reason — that rewards currently outweigh risks — due to its strong brand, easy-to-use products, focus on compliance and regulation, 100 country footprint, 8.3 million active users and upcoming Q1 earnings results which are expected to be better than last year’s numbers.

Regulatory Clarity

The analyst further expects regulatory clarity in the future will help drive the Coinbase stock up as well — as evidenced by its July 2022 petition which it sued the Securities and Exchange Commission over after waiting months for an answer.

Competition

According to Colonnese research note, COIN is a scarce asset being “the only publicly listed crypto native company in the U.S with a market cap >$10B” thus competition for investor capital is extremely limited here at least in near term horizon .

Conclusion

Although Coinbase has dropped by 35% since last month , there are many factors hinting towards its recovery . H . C . Wainwright analyst Mike Colonnese believes that now is a good time buy this stock given all these factors .