Coinbase Global Inc (NASDAQ: COIN) is a stock destined to eventually reach for the stars, says Mark Palmer. For now, though, the stock’s a nightmare for the shareholders, down more than 65% for the year.
Palmer: Coinbase stock could climb to $500 a share
The BTIG managing director rates Coinbase at “buy” with a price target of $500 a share that represents a massive 500% upside from here. Defending his strongly bullish call on CNBC’s “Closing Bell”, Palmer said:
Coinbase is building a franchise that includes not just crypto, but also NFTs. Then there’s staking, which is a big potential driver of revenue that could be very big very quickly with the Ethereum merge later this year.
He doesn’t see the volatility in crypto prices a long-term headwind for Coinbase. The cryptocurrency exchange is scheduled to report its quarterly financial results on Tuesday, after the bell.
COIN to benefit from institutional adoption of crypto
According to Mark Palmer, Coinbase is slated to greatly benefit as institutions continue to ramp up investments in the cryptocurrencies. Speaking with CNBC’s Carl Quintanilla, the BTIG expert noted:
Coinbase will be one of the greatest beneficiaries of institutional adoption of crypto as it has broadest range of functionality and will be adding derivatives and staking, which after Ethereum merge, a lot of institutions will find very attractive.
He expects NFTs to overtime go well beyond art and become the other major source of revenue for Coinbase Global Inc that ended buyout talks with Brazil’s 2TM last week.
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