What's Going On With Coinbase Stock?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares rose after JP Morgan upgraded the stock from Underweight to Neutral with an $80 price target, citing significant price appreciation of Bitcoin and Ethereum. However, concerns were raised about new spot Bitcoin ETFs as potential competition. Coinbase shares have gained 25% in the past five days, with investors eyeing the Bitcoin halving event. The company is expected to report a Q4 loss of 1 cent per share and revenue of $822.364 million.
February 15, 2024 | 5:37 pm
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POSITIVE IMPACT
Coinbase's stock rose following JP Morgan's upgrade from Underweight to Neutral and setting an $80 price target, driven by the appreciation of Bitcoin and Ethereum.
The upgrade by JP Morgan is a significant positive signal for investors, indicating a more favorable outlook on Coinbase's stock. The mention of Bitcoin and Ethereum's price appreciation as factors improving Coinbase's earnings power further supports the stock's potential upside. However, concerns about competition from new spot Bitcoin ETFs introduce a note of caution.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100