Coinbase Gets Hold-Equivalent Rating From Barclays on Crypto Regulatory Risk

Taking note of regulatory risk and exposure to retail trading revenue, Barclays analyst Benjamin Budish initiates coverage of crypto exchange Coinbase (COIN) with an equalweight rating and $80 price target.

Challenges will linger for Coinbase despite some positive catalysts such as the Merge and industry consolidation, said Budish on Tuesday in a note to clients.

Budish's $80 price target nevertheless suggests nearly 20% upside from today's closing price of $67.03.

Alongside the new Coinbase coverage, Barclays started online brokerage Roinbhood (HOOD) with an underweight rating and $10 price target, citing negative customer impacts from inflation and/or a potential economic recession.

Read more: Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says