Coinbase is a long-term buying opportunity despite near-term volatility in the price of cryptocurrency as a growing number of institutions like PayPal adopt new digital coins, Rosenblatt Securities told clients.
“Crypto has reached an inflection point on its road to legitimacy, and we see this as a long-term disruptive trend that is only in its early innings,” analyst Sean Horgan wrote in a note published Tuesday.
“We are bullish on the long-term upside of COIN as it benefits from the growing adoption and acceptance of cryptocurrency, while our short-term view is more cautious as the stock faces downside risk from a drawdown in the price of crypto,” he added. “Net/net, we are buyers of COIN as a long-term category leader and pureplay cryptocurrency stock.”
