Crypto exchange Coinbase (COIN) upgraded by Citi to buy with a new price target of $345, highlighting the potential benefits from an improving regulatory environment in the U.S.
Citi believes Coinbase could respond positively to the U.S. election and legal strategy adjustment after the overturning of the Chevron Deference Doctrine, potentially enhancing its risk/reward setup.
Recent introduction of spot ether (ETH) exchange-traded funds (ETFs) in the U.S. may benefit Coinbase by paving the way for more crypto ETFs, increased cryptocurrency adoption, and higher custody revenue opportunities.
Citi noted that despite Coinbase's 52% year-to-date surge, the potential gains from a favorable regulatory environment could attract institutional capital, investments, and foster collaborations between crypto-native and traditional finance sectors.
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