Cantor Fitzgerald initiated coverage of Coinbase Global (NASDAQ: COIN) stock with an Overweight rating and a 12-month price target of $245, highlighting the company’s expanding role beyond trading and its potential as a core infrastructure provider in the crypto economy.
While Coinbase is widely recognized as one of the world’s largest cryptocurrency exchanges—with $1.2 trillion in trading volume reported for 2024—Cantor analysts believe the market is underappreciating its growth prospects tied to newer business segments, particularly its Layer 2 blockchain network, Base, and its strategic partnership with stablecoin issuer Circle.
Cantor argues that these initiatives mark a turning point in the Coinbase narrative, shifting its identity from a cyclical trading platform to a foundational layer of digital finance infrastructure. As these segments scale and deliver more visibility into future earnings potential, the firm expects Coinbase shares to re-rate higher.
Currently, the stock trades roughly 32% below its historical average EV/Sales valuation multiple, which Cantor sees as an attractive entry point for investors.
Coinbase is set to report its first-quarter 2025 earnings on May 7. Wall Street consensus estimates call for earnings per share of $2.23 and revenue of $2.2 billion.
Coinbase (NASDAQ: COIN) shares are currently up 1% pre-market, and the company has a market capitalization of $38.46 billion.
David Kirakosyan is a seasoned financial journalist with nearly a decade of hands-on experience in covering the U.S. stock markets. Since 2016, he has written thousands of equity news articles, detailed market analyses, and investment insights for trusted platforms like Benzinga, Investing.com, and StreetInsider. David holds a Master of Science in Finance and is a Level 2 CFA® candidate, reflecting his deep commitment to financial expertise and ethical standards. His reporting combines real-world market experience with a strong academic foundation, helping readers make informed decisions backed by reliable information. Read Full Bio
