Barclays Upgrades Coinbase, Robinhood Amid 'Maturing' Business Models and Regulatory Tailwinds
CryptoNewsTerminal Staff06 Sep, 2024
Barclays Upgrades Coinbase, Robinhood Amid 'Maturing' Business Models and Regulatory Tailwinds
Barclays analysts have upgraded their ratings on Coinbase (COIN) and Robinhood (HOOD) to "equal weight" from "underweight," citing the companies' improving business models and positive financial outlook. The analysts noted that both Coinbase and Robinhood have benefited from a more favorable regulatory environment, with the approval of several spot crypto ETFs in the United States. Coinbase, in particular, is expected to benefit from this supportive regulatory backdrop, given its strong position in the domestic industry. "While Coinbase's execution risks remain, we believe recent improvements in the environment, ongoing (albeit gradual) diversification and clear domestic industry leadership support an upgrade," the analysts wrote in a note seen by CoinDesk. Barclays also raised its price target on Coinbase to $90 from $70 and on Robinhood to $12 from $10. These upgrades reflect the analysts' belief that both companies are well-positioned to capitalize on the growing adoption of cryptocurrencies.
