BTIG reiterates Coinbase at Buy with $240 price target, citing institutional growth runway

BTIG Research is sticking with its bullish call on Coinbase, reiterating a Buy rating and $240 price target even as the stock trades roughly 40% below that level. Analyst Andrew Harte reaffirmed the thesis on September 16, following a sit-down with Brett Tejpaul, Co-CEO of Coinbase Institutional, who laid out a roadmap that extends well beyond simple crypto trading. With COIN hovering around $172, the gap between the current price and BTIG’s target is wide enough to raise eyebrows. The institutional playbook Tejpaul shared a three-phase strategy for Coinbase’s institutional arm during the meeting with BTIG. Phase one focuses on building out a core institutional platform. Phase two expands into payment services and stablecoins. Phase three ventures into tokenized assets and continuous markets. The institutional segment currently contributes approximately 20% of Coinbase’s total revenue. Coinbase’s last twelve months of revenue stood at $6.04 billion with an 85.8% gross margin. Why the target dropped from $260 Back on July 31, Harte lowered the price target from $260 to $240 while keeping the Buy rating intact. The reason: a tough second quarter defined by a 25% decline in crypto spo...