British banking giant Barclays has upgraded Coinbase (COIN) and Robinhood (HOOD) from underweight to hold, citing the companies' better business models.
Barclays analyst Benjamin Budish said both companies had "matured significantly", particularly due to product expansion and a more positive financial outlook. In the report, Barclays said Coinbase in particular could benefit from a friendlier regulatory environment given the increasingly friendly approach both presidential candidates have taken to the digital asset industry and the approval of multiple spot cryptocurrency exchange-traded funds (ETFs).
Barclays said: "The factors driving our underweight rating are gradually diminishing and we now see a more balanced risk/reward profile for both stocks."
Barclays upgrades Coinbase and Robinhood, calling their business models "mature"
2024-09-06 16:28:05
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