Coinbase a Buying Opportunity After 30% Three-Week Drop: Rosenblatt
Analyst Chris Brendler predicts the potential for the cryptocurrency exchange's shares to grow by 45%.
Author: Helen Brown | Edited by: Stephen Alpher Updated: 7 March 2025, 18:01 UTC Published: 7 March 2025, 16:44 UTC
What you need to know:
- Rosenblatt sees Coinbase (COIN) stock decline as a buying opportunity, pointing to potential benefits from crypto policy.
- The company initiated coverage on COIN with a Buy rating and a $305 price target, implying potential for 45% upside from current levels.
- Analyst Chris Brendler calls COIN a “blue chip” in the cryptocurrency market that is poised to take advantage of favorable circumstances and regulatory transparency.
Things have been tough for Coinbase (COIN) in both stocks and crypto markets over the past few weeks, with its shares down about 30% since mid-February and 40% since hitting a 52-week high in early December.
Investment firm Rosenblatt sees opportunity and says investors can benefit from buying on the dip as the exchange continues to target profits from the Trump administration's crypto policies.
“COIN is a clear blue chip in the sector and should benefit from a variety of positive trends,” said Rosenblatt analyst Chris Brendler, who launched coverage of the crypto exchange with a “buy” rating and a $305 price target. “COIN has also demonstrated its ability to adapt to both bull and bear markets, and with increased non-trading income, we believe the stock will be more resilient in the coming crypto winter.”
“Fortunately, we believe we are currently experiencing a ‘crypto spring’, as are stocks after a pullback,” he added.
Brendler attributes COIN's recent decline to fluctuations in tariffs imposed by President Donald Trump, as well as general political uncertainty, which has led to a decline in risk markets.
However, Brendler reminds that COIN remains a leading player in the industry due to its strong brand, high liquidity and excellent user experience.
“Regulatory clarity will attract more traditional finance participants to cryptocurrency, but COIN’s decade-long lead and broad product offering allow it to maintain its market leadership,” he added.
As markets continue to struggle, COIN fell 1% to $211 on Friday. The Nasdaq fell 1.4%, the S&P 500 fell 1.1%, and Bitcoin fell 3.5% to $87,000.
