Coinbase Global shares are trading higher after JMP Securities maintained a Market Outperform rating on the stock and raised its price target from $107 to $200. Also, Mizuho maintained an Underperform rating on the stock but raised its price target from $35 to $54.
Portfolio Pulse from Benzinga Newsdesk
Coinbase Global's stock (COIN) is trading higher following mixed analyst updates. JMP Securities reaffirmed a Market Outperform rating and increased its price target from $107 to $200. Conversely, Mizuho kept an Underperform rating but raised its price target from $35 to $54.
December 22, 2023 | 3:30 pm
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POSITIVE IMPACT
Coinbase Global's stock is likely to experience a positive short term impact due to JMP Securities' strong endorsement with a raised price target, despite Mizuho's continued Underperform rating but with an increased price target.
The substantial increase in the price target by JMP Securities to $200, along with maintaining a Market Outperform rating, is a strong bullish signal that is likely to outweigh Mizuho's Underperform rating in investors' sentiment. The increase in price target by both firms indicates a positive reassessment of the company's valuation, which can lead to increased investor confidence and upward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100