By Sam Boughedda
Investing.com — Coinbase Global Inc (NASDAQ:COIN) shares are down around 4% Tuesday, and Piper Sandler analyst Richard Repetto said in a client note that the pullback offers an attractive entry point to the crypto space.
The analyst, quoted by TheFly, said Coinbase is potentially the "on ramp" for all things crypto in the future.
Coinbase's shares have already suffered a 27% year-to-date decline, in line with the fall in Bitcoin and other cryptocurrencies. However, Repetto believes the stock's correlation to bitcoin will decouple over time as Coinbase's revenue diversifies.
The analyst currently has an overweight rating and a $440 price target on the stock.
Elsewhere, Mizuho lowered its Coinbase price target to $220 from $300 as part of an overall lowering of price targets on payment stocks.