Coinbase Earns Upgrade As Bitcoin Explodes Past $70,000: Volumes 'Not Seen Since 2021' (CORRECTED)
Portfolio Pulse from Priya Nigam
Coinbase Global Inc (NASDAQ:COIN) shares rose as Bitcoin prices surged past $70,000. Goldman Sachs noted Coinbase's daily volumes reached levels not seen since 2021, prompting analyst Will Nance to upgrade COIN from Sell to Neutral and raise the price target from $170 to $282. The upgrade is based on accelerated retail adoption of crypto, despite its limited use cases, and factors like the Bitcoin halving event, BTC ETFs launch, and increased political and geopolitical uncertainty.
March 08, 2024 | 5:50 pm
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Coinbase Global Inc's stock received an upgrade from Sell to Neutral by Goldman Sachs, with a significant price target increase from $170 to $282, as Bitcoin's surge boosts trading volumes.
The upgrade and price target increase for Coinbase are directly tied to the surge in Bitcoin prices and the resultant spike in trading volumes on the platform. This positive analyst action is likely to boost investor confidence in COIN, potentially leading to a short-term increase in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100