Coinbase Gets Upgrade: Analyst Highlights Larger Audience, New Spot ETFs, Less Focus On Meme Coins
Portfolio Pulse from Nabaparna Bhattacharya
BofA Securities analyst Mark McLaughlin upgraded Coinbase Global, Inc (NASDAQ:COIN) to Neutral from Underperform, raising the price forecast to $217 from $110. The upgrade is driven by retail reengagement in crypto, operating leverage from expense cuts, and a more robust market environment. Risks include regulatory overhang and dependence on transaction revenue.
May 17, 2024 | 4:38 pm
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BofA Securities upgraded Coinbase to Neutral from Underperform, raising the price target to $217. The upgrade is due to retail reengagement in crypto, operating leverage from expense cuts, and a more robust market environment. Risks include regulatory overhang and dependence on transaction revenue.
The upgrade from BofA Securities and the significant increase in the price target to $217 are likely to positively impact Coinbase's stock price in the short term. The analyst's positive outlook on retail reengagement, expense cuts, and a stronger market environment are strong drivers. However, the risks related to regulatory overhang and dependence on transaction revenue could temper the gains.
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