Top 7 U.S. Blockchain Recommendations for 2022
Top 7 US Blockchain Recommendations for 2022 Cryptocurrency Cryptocurrency Equities US Blockchain ETFs US Related Shares US Blockchain Market Companies Corporate Dividend Shares BLOK ETF Stocks Blockchain ETF Stock US Blockchain nft Platform Research Experts to Help You Predict Future Prospects list of recommended stocks.
These companies benefit from blockchain technology.
Many investors are familiar with blockchain as the underlying technology that provides security and transparency for Bitcoin and other cryptocurrencies. However, blockchain technology has several major applications outside of cryptography, including finance, international payments, auditing and compliance. There are more and more public companies specializing in blockchain technology, integrating blockchain into their business or taking advantage of the best cryptocurrencies that run on blockchain. Unfortunately, many cryptocurrency pure plays are extremely exposed to the highly volatile cryptocurrency market, making them a high-risk investment. Here are 7 high-quality blockchain-related stocks recommended by Wall Street analysts.
1. DocuSign Inc.
DocuSign is the market leader in electronic signature technology. The company used the Ethereum blockchain to record customer contracts and helped create one of the first public prototypes of a blockchain-based smart contract in 2015. Bank of America analyst Brad Sills said the e-signature business has tremendous momentum and the company's contract cloud is gaining traction, with margins expanding in recent quarters. Sills says DocuSign is well positioned to continue growing its share of the $24 billion total market. Bank of America has a “buy” rating and a target price of $360 for DOCU stock, which closed at $267.49 on Nov. 5.
2. Coinbase Global Inc.
Investors and analysts may disagree on which cryptocurrencies will ultimately become the world's preferred digital currency, or which companies will successfully build the metaverse. However, analysts see crypto, blockchain, and metaverse as the technology's biggest general growth themes, and major cryptocurrency exchange Coinbase could benefit from all three. CFRA analyst David Holt said Coinbase has the potential to exceed very high expectations given the long-term growth potential of the “crypto economy” being built on blockchain technology. CFRA Research has a “buy” rating and a target price of $385 for the COIN stock that closed at $337.05 on Nov. 5.
3. International Business Machines Corp.
As an enterprise technology leader, IBM has struggled to update its legacy business model and achieve sustained growth in recent years, but the company has invested heavily in blockchain technology. One application of IBM's blockchain work is helping businesses strengthen their supply chain networks, an issue that has significantly disrupted the US economy in recent months. Bank of America analyst Wamsi Mohan said the company's cloud and artificial intelligence initiatives will also help increase its information technology market share over time. Bank of America has a “buy” rating and a target price of $172 for IBM stock, which closed on Nov. 5 at $123.61.
4. VMWare VMware Inc.
VMware provides enterprise virtualization software, solutions and services. The company launched VMware Blockchain in 2020, which it says will allow it to manage highly complex workflows and meet the needs of business-critical multiparty applications. Morningstar analyst Mark Cash said investors were upbeat about the recent spin-off of an 81% stake in VMware from Dell Technologies Inc. ( DELL ). This is because it allows VMware to continue to create growth catalysts without burdening Dell. In the long run, Cash says VMware will accelerate growth and expand margins. Morningstar has a “buy” rating and a fair value estimate of $175 for the VMW stock, which closed on November 5th at $124.55.
5. Nvidia Corp.
Nvidia designs and manufactures high-end graphics cards and processing chips for personal computers, servers and supercomputers. Vivek Arya, an analyst at Bank of America, said Nvidia would be the only company with the scale, hardware, software, developers and ecosystems that would meaningfully engage Arya in powering the metaverse, which will have important blockchain-based components. Nvidia has prioritized the metaverse for years and started beta testing its own Omniverse at the end of 2020. Nvidia also produces special chips designed specifically for cryptocurrency mining, providing additional blockchain exposure. Bank of America has a “buy” rating and a target price of $275 for NVDA stock. NVDA shares closed at $297.52 on Nov 5 after soaring over the past two weeks.
6. Square Inc.
Nvidia designs and manufactures high-end graphics cards and processing chips for personal computers, servers and supercomputers. Vivek Arya, an analyst at Bank of America, said Nvidia would be the only company with the scale, hardware, software, developers and ecosystems that would meaningfully engage Arya in powering the metaverse, which will have important blockchain-based components. Nvidia has prioritized the metaverse for years and started beta testing its own Omniverse at the end of 2020. Nvidia also produces special chips designed specifically for cryptocurrency mining, providing additional blockchain exposure. Bank of America has a “buy” rating and a target price of $275 for NVDA stock. NVDA shares closed at $297.52 on Nov 5 after soaring over the past two weeks.
7. Overstock Overstock.com Inc.
Overstock.com is a leading online retailer and one of the first to accept Bitcoin as a payment method. The company has invested in blockchain-related projects for many years through its Medici Ventures subsidiary. Earlier this year, Overstock converted Medici into a fund managed by Pelion Venture Partners. Over the next eight years, the fund will develop blockchain startups and Overstock will share the profits. Bank of America analyst Curtis Nagle said the Pelion presentation in early 2022 could be a bullish catalyst for Overstock. Bank of America has a “buy” rating and a target price of $110 for OSTK stock, which closed at $104.46 on Nov. 5.
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