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Jefferies Initiates Coverage of Crypto Exchange Coinbase With ‘Hold’ Rating

Coinbase’s (COIN) premium brand as an onshore and regulated entity with a healthy balance sheet should enable the crypto exchange to weather the fallout from the collapse of rival FTX, Jefferies said in a research report Monday.

The broker initiated coverage of the stock with a hold rating and a $35 price target. Coinbase shares rose over 7% in early trading to $35.65.

“The fallout from FTX has called into question the safety, security and legitimacy of the broader crypto ecosystem,” the report said, worsening an already difficult operating environment, as retail trading volumes slumped along with crypto prices.

(By Will Canny)

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