India's March trade deficit widens to $13.93 billion -

India’s March trade deficit widens to $13.93 billion


Coinbase Rallies as Wall Street Optimism Bucks Bitcoin’s Dip

(Bloomberg) — Coinbase Global Inc. ended its first trading week on a high note despite being unable to draw the level of investor enthusiasm seen after its direct listing on Wednesday.The stock climbed 6% to $342, breaking through a pair of resistance levels around $330 and $338 to post the biggest jump since its first trading day. While Coinbase is more than 30% above the reference price of $250, it’s a far cry from the $429.54 peak hit in the first few minutes of trading mid-week.The biggest U.S. cryptocurrency exchange, with a market value of $68 billion, came roaring back after another bullish review from Wall Street analysts, and even amid weakness for cryptocurrencies including Bitcoin.Loop Capital Markets analyst Kenneth Hill became the latest analyst to advise clients to buy shares of the exchange, highlighting “lots of runway” for the company ahead of a “takeoff.” Hill is the fifth analyst to rate the shares at a buy; however, his $394 12-month price target is the lowest on Wall Street.Skeptics have warned of risks ranging from growing competition to Bitcoin’s volatility, but some investors see opportunity. Cathie Wood’s funds have snapped up about $352 million worth of shares over two days and there are expectations for the company to become a staple in money managers’ portfolios.“Coinbase’s market valuation may seem excessive to some given the prospects of increased competition in digital wallets business, which should rapidly eat into Coinbase’s sweet profit margins,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in emailed comments. “On the other hand, the competition is not here yet, while large trading volumes continue boosting Coinbase’s revenues for the moment.”All five of the analysts that cover the company rate it at a buy, with an average price target of $521, implying shares have another 52% to run from Friday’s close, data compiled by Bloomberg show.DA Davidson analyst Gil Luria raised the firm’s price target to a Street-high of $650 and touted the company’s “regulatory-friendly” approach to the nascent market.Bitcoin fell as much as 5.3% to $60,063, after coming close to hitting $65,000 per token earlier this week.(Updates share movement in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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