Coinbase stock leaps more than 15% as analysts say it can benefit from FTX’s demise

The collapse of the crypto exchange FTX has left a black hole in the cryptocurrency ecosystem. But Jefferies analysts on Monday said they believed rival $Coinbase (COIN.US)$ would ultimately be spared — albeit not without a few hits along the way.
“We expect COIN to regain a portion of its share losses from the past 2+ years, but still see a steep climb to Street estimates in FY25, which we believe embed a bitcoin recovery to ~$25k,” they continued.
FTX’s demise could also give Coinbase a chance to regain market share, they said.
But $Goldman Sachs (GS.US)$ analysts, in a note on Monday, struck a pessimistic tone on Coinbase.
“We remain negative on COIN’s business into 2023, as deteriorating trends in crypto, increased regulatory scrutiny, and reduced investor confidence in the asset class are likely to continue to drive subdued trading activity and limited new product releases in 2023,” they said.
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