Wall Street Is Underestimating the Power of Base as Coinbase Stock Soars

Coinbase Stock Scores Overweight Rating from Cantor Fitzgerald

Cryptocurrency exchange and blockchain infrastructure company Coinbase has received a vote of confidence from Wall Street analysts at Cantor Fitzgerald, who have initiated coverage of the company with an overweight rating.

According to a report from Decrypt, Cantor Fitzgerald analysts Youssef Squali and Joseph Foresi have set a price target of $350 per share for Coinbase, representing a potential 30% upside from the stock's current price.

The analysts' positive stance on Coinbase is based on several factors, including the company's dominant market position in the cryptocurrency space, its growing revenue and profitability, and its expanding suite of products and services.

"Crypto adoption is accelerating, and we believe Coinbase is well-positioned to benefit from this trend," Squali and Foresi wrote in a research note. "The company's strong brand, robust infrastructure, and expanding product offerings position it for long-term success."

Coinbase's stock has been on a tear in recent months, rising over 200% in the past year as the cryptocurrency market has rebounded from a period of decline. The company went public in April through a direct listing, which allowed existing shareholders to sell their shares directly to the public.

The overweight rating from Cantor Fitzgerald is a significant endorsement of Coinbase's prospects, and could help to fuel further gains in the company's stock price. The rating is also a sign that Wall Street is increasingly confident in the long-term potential of the cryptocurrency market.