Coinbase value goal raised at Needham & Firm as bitcoin cycle nonetheless in early innings

Needham & Firm raised its value goal for Coinbase (NASDAQ:) to $160 from $120 per share in a notice Tuesday, sustaining a Purchase ranking on the inventory.

Analysts stated that retail crypto metrics point out the good points are nonetheless of their early innings. The agency views Coinbase as an “enticing strategy to play the rising crypto asset universe.”

“Retail crypto engagement is significantly decrease than in prior years and regardless of the current value good points, has been pretty muted. We have now discovered that the very best indicators for the place crypto and COIN are within the cycle relies on a scale starting from retail disinterest to euphoria. At this time, retail curiosity is nearer to disinterest,” the analysts wrote.

“Google Search Tendencies present ‘Crypto’ is presently on the identical ranges as July ’23 and ~50% decrease than the ’22 avg,” they added. “Coinbase rating in app shops is at #24 right this moment for finance apps vs #28 in Sep ’23, #9 in Feb ’22, and #1 in Oct ’21.”

The analysts additionally famous that crypto web site visits for October 2023 are decrease than these in July 2023. Nevertheless, they famous that Bitcoin dominance is close to 2023 highs, indicating extra capital has not flowed into alt-coins, “which generally happens in center to late levels of the cycle.”