Goldman Sachs (NYSE: $GS) has reiterated buy ratings on the stocks of cryptocurrency exchanges Coinbase Global (NASDAQ: $COIN) and Robinhood Markets (NASDAQ: $HOOD).
Analyst James Yaro said both stocks are buys at current levels. He raised his price target on COIN stock to $196 U.S. from $173 U.S. and set a price target of $124 U.S. for HOOD stock.
The bullish outlook for Coinbase and Robinhood come as cryptocurrencies such as Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) rally strongly, lifting the entire sector.
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Shares of Coinbase Global and Robinhood have each gained more than 20% over the past week as the trade in digital assets is reignited.
Goldman Sachs analyst Yaro expects both Coinbase and Robinhood to benefit from higher cryptocurrency trading volumes.
The analyst also points to both companies' diversification into tokenized stocks, prediction markets, perpetual futures, and other financial products as reasons to be bullish.
Yaro highlights in a note to clients that Coinbase's prediction market business reached $100 million U.S. in annualized revenue less than two months after its launch.
He adds that Robinhood has expanded its prediction-market operation while developing products tied to tokenized stocks.
Goldman Sachs own stock has risen 43% over the last 12 months to trade at $1,059.26 U.S. per share.
Bitcoin is trading right around $80,000 U.S. on Aug. 25.