Coinbase Rides The Bitcoin ETF Wave: Why JPMorgan Is No Longer Bearish On Crypto Exchange
Portfolio Pulse from Murtuza Merchant
JPMorgan Chase upgraded Coinbase Global Inc. (NASDAQ:COIN) from Underweight to Neutral, citing the surge in Bitcoin prices and the positive impact of U.S. spot Bitcoin ETFs on Coinbase's earnings. The bank maintained an $80 price target on COIN. The inflows into Bitcoin ETFs and the rise in cryptocurrency prices have bolstered the market, benefiting Coinbase's transaction-based revenue model. Despite the upgrade, JPMorgan remains cautious about Coinbase's valuation and competitive risks from ETFs. COIN shares were up 3.4% to $165.83 following the announcement.
February 15, 2024 | 5:40 pm
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JPMorgan upgraded Coinbase to Neutral from Underweight, maintaining an $80 price target, amid a surge in Bitcoin prices and positive impacts from Bitcoin ETFs.
The upgrade by JPMorgan reflects a positive outlook on Coinbase's earnings potential due to the recent surge in Bitcoin prices and the successful launch of Bitcoin ETFs. This analyst rating change and the positive sentiment surrounding the cryptocurrency market are likely to contribute to a short-term bullish sentiment for COIN shares.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100