Barclays upgrades Coinbase and Robinhood ratings, citing mature business models
According to CoinDesk, British banking giant Barclays has raised the ratings of cryptocurrency exchange Coinbase (COIN) and online brokerage Robinhood (HOOD) from "underweight" to "neutral", citing that the two companies have better business models. Barclays analyst Benjamin Budish believes that both companies have "significantly matured", particularly due to their product expansion and more positive financial outlook.
Barclays' report points out that, given the increasingly friendly stance of both US presidential candidates towards the digital asset industry and the approval of multiple cryptocurrency spot exchange traded funds (ETFs), Coinbase can particularly benefit from a more favorable regulatory environment. The analyst wrote:
Although we still see risks facing Coinbase, we believe that the improved environment, profit and loss situation, gradual and sustained diversification, clear industry leadership position in the United States, and recent stock price performance all point to a more balanced risk/reward, so we have adjusted it to 'neutral'
The report points out that although the cryptocurrency industry has experienced many challenges in the past two years, Coinbase has continued to demonstrate resilience. Budish praised the company for effectively maintaining low costs, especially those related to employees, despite the growth in activities in 2024. He also mentioned the diversification of Coinbase's revenue sources, although most of the revenue still relies mainly on transaction fees and interest income, the exchange has begun to see other areas of business becoming meaningful sources of contribution, including in memory blockchain rewards, custody income, and other transaction fees.
However, analysts warn that although many things about Coinbase seem to be moving in the right direction, there is still uncertainty in the field, including a broader macroeconomic environment and unclear regulation, involving whether several assets belong to securities, and the Securities and Exchange Commission's (SEC) unresolved lawsuit against Coinbase.
The analyst also believes that there is a similar positive development in Robinhood's business model, which may bring about future upside potential. The main factors for his positive stance include new products, Robinhood's expansion in the UK and Europe, and the acquisition of new potential customers from Bitstamp.
Barclays said, "The factors that prompted us to make a downgrade rating are gradually improving, and we now believe that the risk/return ratio of these two stocks is more balanced
(责任编辑:理财)
-
买卖虚拟货币USDT的交易所_排名前十泰达币TRC20交易平台榜单一览
华商韬略(微信公众号:hstl8888)查阅的数据显示,到2008年底,其总负债已超过2500万元,净资产则为负483.05万元。...[详细]
-
王涛认为,今年是体育短视频行业塑形的一年,明年世界杯可能真正迎来爆发。...[详细]
-
“我们主要是做产品,北上深更多是做平台,大策略,大战略。...[详细]
-
在长达14年的时间里这个严重问题都没有得到有效的解决。...[详细]
-
我们发现老员工起到的作用越来越大,跟我当时的认知不一样。...[详细]
-
后来郎先生发现很多人都遇到了同样的问题,通过与耐克中国的售后服务人员沟通后,对方回复这款鞋确实没有气垫。...[详细]
-
在企业级服务市场要想做大客户并不容易,大型企业尤其注重品牌,创新型公司基本没有机会。...[详细]
-
挂牌公司发布上市辅导公告后,二级市场股价闻风而动,这已经是见怪不怪的事情了。...[详细]
-
这是一个基础设施跟不上城市发展速度的典型例子。...[详细]
-
但政策对体育尤其是足球的支持,让孙继海有了更大胆的想法。...[详细]