Coinbase target price raised to $212, with Cantor Fitzgerald maintaining an Overweight rating

Odaily Planet Daily News Wall Street investment bank Cantor Fitzgerald has raised its Coinbase target price from $184 to $212 and maintained an "Overweight" rating. The firm noted that after Bitcoin recently reclaimed the $80,000 level, valuations across the crypto ecosystem have recovered. As a leading U.S. compliant trading platform, Coinbase remains one of the core stocks for institutional capital seeking beta exposure to the crypto market. Sentiment in the crypto market has warmed recently, with Bitcoin rebounding from recent lows, accompanied by improvements in trading volumes, ETF fund flows, and related stock valuations. Coinbase's share price has also recovered alongside crypto assets, as the market begins pricing in higher expectations for trading revenue, custody revenue, and subscription services revenue. Cantor Fitzgerald incorporates Coinbase management's latest guidance for the third quarter into its model: subscription and services revenue is expected to be between $500 million and $580 million, transaction fees as a percentage of net revenue are in the teens, and adjusted expenses are expected to be between $980 million and $1.08 billion. The firm believes that if Bitcoin maintains its strength, trading activity and risk appetite across the crypto ecosystem will continue to support Coinbase's valuation.