Will Coinbase's Six-Month Rally Go Higher? This Analyst Weighs In
Portfolio Pulse from Khyathi Dalal
Needham analyst John Todaro has given Coinbase Global Inc (NASDAQ:COIN) a Buy rating and raised the price target from $160 to $180, citing product growth, international expansion, and the launch of Base, an Ethereum Layer 2 chain. The analyst also sees potential positives from a Bitcoin ETF approval, the Bitcoin halving event, and possible interest rate cuts. Despite lower retail trading levels compared to 2021, Coinbase's recent earnings exceeded expectations, and the company plans to acquire a firm to offer crypto-linked derivatives in the EU. COIN's stock has surged 95.8% in the past six months.
January 08, 2024 | 10:19 pm
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POSITIVE IMPACT
Needham's analyst John Todaro has upgraded Coinbase with a Buy rating and increased the price target to $180, highlighting the company's growth prospects and recent positive developments.
The upgrade by Needham, including the addition of Coinbase to the Conviction List and the raised price target, is a strong positive signal to investors. The analyst's positive outlook on the company's product growth, international expansion, and the upcoming Base chain launch, along with broader market tailwinds such as a potential Bitcoin ETF approval and macroeconomic factors, are likely to boost investor confidence and could lead to a short-term increase in the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100