© Reuters Coinbase (COIN) price target increased on Needham on strong cryptocurrency volumes
Coinbase's (NASDAQ 🙂) price target was raised to $275 from $220 per share at Needham & Company on Thursday, and the firm maintained a Buy rating on the stock.
The investment firm believes that the sell-side is unaware of the extent to which retail has returned to the crypto space. Additionally, they believe that institutional participation is being overstated due to the recent bitcoin ETFs.
“While retail activity has cooled in recent days, we expect the first quarter of 2024 to show strong retail account participation, benefiting both HOOD (NASDAQ 🙂 and COIN), Needham & Company said.
“We are increasing our estimates for the first quarter of 2024 on COIN and HOOD,” they added. “At COIN, we are also increasing our projected share of the retail versus institutional mix. HOOD's first quarter is also benefiting from a record month (February) for stock options volumes.”
Needham analysts cited outsized traffic loads on Coinbase's website, volume share of the underlying cryptoassets this quarter, and app download rankings for HOOD, COIN, as indications that retail trading rebounded significantly to late February and early March before giving up some gains and falling. the classifications.
