Citi Initiates Coverage of Coinbase With $415 Price Target, Says 'Buy Crypto’s General Store'

Citi Initiates Coverage of Coinbase With 5 Price Target, Says 'Buy Crypto’s General Store'
Coinbase (NASDAQ: COIN) “offers investors direct exposure to increased retail and institutional adoption” of digital assets, Citi said in a note initiating coverage of the crypto exchange with a buy rating and a $415 price target.“For its position within the crypto value chain, a `networking-based’ business model and strategy, the undeniably very large opportunity set … yes, we believe COIN is investable,” analyst Peter Christiansen wrote in a report dated Oct. 26. Investors should “buy crypto’s general store.”Citi sees additional potential upside for the stock as the company grows its business beyond facilitating transactions. The U.S. bank also sees the…