Coinbase Global shares are trading higher after the company reported better-than-expected Q4 financial results and issued Q1 subscription and revenue guidance. Also, Canaccord Genuity maintained a Buy rating on the stock and raised its price target from $140 to $240.
Portfolio Pulse from Benzinga Newsdesk
Coinbase Global's shares surged following the announcement of better-than-expected Q4 financial results and optimistic Q1 subscription and revenue guidance. Additionally, Canaccord Genuity reaffirmed a Buy rating on COIN and increased its price target from $140 to $240.
February 16, 2024 | 1:19 pm
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POSITIVE IMPACT
Coinbase Global's stock is expected to experience a positive short-term impact due to its strong Q4 financial performance and favorable Q1 guidance. The upgrade in price target by Canaccord Genuity further supports this outlook.
The positive short-term impact on COIN's stock is driven by its better-than-expected Q4 financial results and optimistic Q1 guidance, which are likely to boost investor confidence. The significant increase in the price target by Canaccord Genuity from $140 to $240 further underscores the stock's growth potential and is expected to attract more investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100