COIN

USDC

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/keefe-bruyette-woods-sets-new-target-for-coinbase-shares/" data-wpel-link="internal">Keefe, Bruyette &amp; Woods Sets New Target for Coinbase Shares</a><br></p>
<p style="text-align: justify">The company known by the abbreviation <strong>KBW</strong>, Keefe, Bruyette &amp; Woods, released a striking report today regarding <a href="https://en.coin-turk.com/bitfinex-enters-el-salvadors-security-tokenization-sector/" data-wpel-link="internal">Coinbase</a>. According to the report, Coinbase is making a unique contribution to the long-term growth of crypto. KBW also provides a different target for the COIN stock. Accordingly, the company has updated its previously stated target. Let’s look at the details.</p> 
<h2 style="text-align: justify" id="45-percent-target-for-coin-shares">45 Percent Target for COIN Shares</h2> 
<p style="text-align: justify">KBW has raised the price target for <strong>COIN</strong> stock from $160 to $230 and maintained its market performance note. The report stated that Coinbase’s trading activity continues to increase, with an average daily volume of $5.1 billion for March.</p> 
<p style="text-align: justify">The cryptocurrency exchange’s shares closed at $245.84 on Tuesday and have shown an increase of over 40% to date.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-336813 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/coinbase-coin-turk-com-.webp" alt="" width="1280" height="720"></p> 
<p style="text-align: justify">Led by analyst Kyle Voigt, the team wrote, “We see a significant near-term revenue opportunity from unpaid USD Coin (USDC) balances, high levels of crypto assets, and a notable individual re-engagement from the 2023 lows.”</p> 
<p style="text-align: justify">The report highlighted that unpaid USDC balances continued to grow, increasing by 32% in the first quarter. USDC is a stablecoin issued by Circle, which is also backed by Coinbase. KBW stated that the crypto exchange earns gross interest income from approximately 56% of USDC’s unpaid balances.</p> 
<h2 style="text-align: justify" id="increasing-transaction-volumes">Increasing Transaction Volumes</h2> 
<p style="text-align: justify">The report also noted that increasing transaction volumes have contributed to the stock, with the average daily volume (ADV) for March being $5.1 billion, compared to $2.4 billion in February.</p> 
<p style="text-align: justify">The authors of the report wrote that Coinbase’s legal battle with the U.S. Securities and Exchange Commission (<a href="https://en.coin-turk.com/bitcoin-climbs-again-and-altcoins-gain-momentum/" data-wpel-link="internal">SEC</a>) and the uncertain regulatory environment have made it very difficult for many institutional investors to own the stock. This situation, of course, raises doubts for investors and appears as a risk factor. However, if this risk is eliminated, then it can be said that the shares of the cryptocurrency exchange Coinbase could increase even more.</p> 
<p style="text-align: justify">Coinbase, a well-known exchange in the cryptocurrency field, is especially known for its sensitive token listings. In recent days, the crypto exchange listed the cryptocurrency <strong>ARKM</strong>. The tokens listed on the exchange are becoming stronger in the crypto field.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/keefe-bruyette-woods-sets-new-target-for-coinbase-shares/" data-wpel-link="internal">Keefe, Bruyette &amp; Woods Sets New Target for Coinbase Shares</a></h5>

Keefe, Bruyette & Woods Sets New Target for Coinbase Shares

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