The Coinbase (NASDAQ:) value goal was raised to $275 from $220 per share at Needham & Firm on Thursday, with the agency sustaining a Purchase ranking on the inventory.
The funding agency believes the sell-side is lacking the extent to which retail has come again into the crypto area. As well as, they really feel it’s overstating institutional participation on the again of current bitcoin ETFs.
“Whereas retail exercise has cooled within the final a number of days, we anticipate Q1’24 to indicate robust participation from retail accounts, which advantages each HOOD (NASDAQ:) and COIN,” mentioned Needham & Firm.
“We’re elevating our Q1’24 estimates on COIN and HOOD,” they added. “On COIN, we’re additionally rising our projected retail combine share vs institutional. HOOD’s Q1 can be benefiting from a document month (Feb) for fairness choices volumes.”
Analysts at Needham cited outsized web site visitors masses at Coinbase, quantity share of underlying crypto property this quarter, and app obtain rankings for HOOD, COIN, as indications that retail got here again meaningfully in late February and early March earlier than giving again some positive aspects and falling within the rankings.
