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Coinbase Gets Hold-Equivalent Rating From Barclays on Crypto Regulatory Risk
The headwinds are set to continue for the exchange, says the investment bank.
Door Michael Bellusci
Taking note of regulatory risk and exposure to retail trading revenue, Barclays (BCS) analyst Benjamin Budish initiated coverage of crypto exchange Coinbase (COIN) with an equalweight rating and $80 price target.
Challenges will linger for Coinbase despite some positive catalysts such as the Ethereum Merge and industry consolidation, said Budish on Tuesday in a note to clients.
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Read more: The Ethereum Merge Has an Official Kick-Off Date
Budish's $80 price target nevertheless suggests nearly 20% upside from today's closing price of $67.03.
Alongside the new Coinbase coverage, Barclays started online brokerage Roinbhood (HOOD) with an underweight rating and $10 price target, citing negative customer impacts from inflation and/or a potential economic recession.
Read more: Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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