Unchained Unconfirmed: Why This Analyst Puts Coinbase in the Most Exclusive Club of Stocks - Ep.229
Apr 16, 2021
Gil Luria, Director of Research at D.A. Davidson, is a noted Wall Street analyst in the crypto space. In this conversation, he analyzes Coinbase's risky direct listing and its initial trading performance. The discussion includes his revised price target for COIN, the comparison of investing in it versus other companies like MicroStrategy, and predictions on its future revenue streams. Luria also addresses the relationship between Coinbase’s stock and Bitcoin prices, and the implications of competition on their fees and market cap.
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Coinbase Going Public: A Milestone for Crypto
- Coinbase going public, through a direct listing, is a significant event for the crypto space.
- It signifies the maturation and acceptance of crypto as a legitimate asset class.
Coinbase's Risky, Yet Successful Direct Listing
- Coinbase’s direct listing was risky due to the lack of intermediary control from investment banks.
- Despite this risk, the listing was a success due to high demand and a well-set reference price.
Coinbase Among Elite Growth Stocks
- Gil Luria raised his Coinbase price target to $650, placing Coinbase amongst top growth stocks.
- This is based on the successful listing, strong growth prospects, and a revised share count.