Coinbase’s (COIN) The results of the secondest trimester than expected triggered a strong Friday sale, but Wall Street Broker Benchmark says that the fall is a purchase opportunity, not a red flag.
The analyst Mark Palmer reiterated his purchase rating and an objective price of $ 421. He argued that the long -term investment case of the exchange remains intact since the company continues to build fundamental cryptographic infrastructure.
The shares are 1.8% higher in the first operations on Monday, after having closed 16.7% below Friday.
Benchmark highlights five catalysts that support his thesis. First, the Coinbase Income Exchange Agreement with Circle in the USDC reserves positions it to benefit from the adoption of Stablecoin, especially after the United States approved the genius law.
Second, its institutional offers, including the main broker, the crypto as a service and the derivatives, are well labeled because the law of clarity can stimulate greater adoption.
Third, the company is developing a cryptographic “super application that integrates trade, payments, non -fungible tokens (NFT)Decentralized finance (Defi) and tools developer, a unique product in the US market.
Fourth, the integration of decentralized exchanges expands access to tokens beyond centralized listings.
Finally, Julio transactions revenues estimated $ 360 million in July, a 44% leap from its monthly average during the second quarter, indicates a potential recovery in cryptographic activity.
Benchmark concludes that the quarter of the quarter is short -term noise. The Coinbase Evolution Platform, backed by the tail winds of the regulation and the increase in institutional demand, points to long -term growth.
Read more: Coinbase slides almost 20% in the worst weekly performance since September 2024
