Coinbase Poised for Continued Growth with Buy Rating from Argus

Argus has assigned a Buy rating to Coinbase Global, citing the company's strong growth trajectory and the recently passed GENIUS Act, which provides an impetus for further growth. Coinbase's aggressive spending on R&D and expansion into new markets are also seen as positives. The rating reflects the company's potential for continued success in the crypto trading space.

Coinbase Global (COIN) has received a Buy rating from Argus analyst Kevin Heal, who cited the company's strong growth trajectory and the recently passed GENIUS Act as key drivers for further growth [2]. Heal also highlighted Coinbase's aggressive spending on research and development (R&D) and expansion into new markets, which are seen as positive factors for the company's future performance.

The GENIUS Act, which aims to regulate stablecoins, passed the Senate vote in June and is expected to be voted on by the House of Representatives on Thursday [2]. The bill has received strong bipartisan support and is seen as a significant step forward for the crypto industry. If passed, the GENIUS Act could boost the stablecoin market and increase Ethereum adoption, as Ethereum is the primary platform for stablecoins.

Heal noted that Coinbase stock became the first crypto-native member to be included in the S&P 500, and the company is in the early stages of expanding into other crypto products. He also pointed out that while Coinbase stock is trading at more expensive levels than other crypto exchanges, its higher-than-peer group margins and promising growth runway justify the premium, at least in the near term and during a bull market.

Overall, Wall Street has a Moderate Buy consensus rating on Coinbase Global stock based on 13 Buys, 11 Holds, and one Sell recommendation [1]. The average COIN stock price target of $313.14 indicates a possible downside risk of 20.5% from current levels.

References:

[1] https://www.tipranks.com/news/top-analyst-raises-coinbase-stock-coin-price-target-as-u-s-enters-crypto-week
[2] https://beincrypto.com/crypto-week-us-crypto-bills/