CoinVoice has learned that Ledger Goldman has upgraded the stock rating of cryptocurrency exchange Coinbase from "Neutral" to "Buy," and raised the 12-month target price from $294 to $303.



Analyst James Yaro pointed out that Coinbase is shifting from cyclical growth to structural growth, with its subscription and services revenue accounting for 5% in 2020 and increasing to 40% by 2025. It is expected that this segment will maintain a 13% annual growth rate from 2025 to 2027.

The firm believes that Coinbase's expansion into custody, stablecoins, staking, and prime brokerage will reduce profit volatility.
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