Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts
Portfolio Pulse from Aniket Verma
Citi has upgraded Coinbase Global Inc. (NASDAQ:COIN) from neutral to buy, citing favorable regulatory shifts and a positive outlook for the cryptocurrency industry following President Joe Biden's withdrawal from the presidential race. The Supreme Court's decision to remove the Chevron Defence Doctrine is also seen as beneficial for Coinbase in its legal battles with the SEC.
July 24, 2024 | 6:20 am
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Citi has upgraded Coinbase from neutral to buy, with a new price target of $345, due to favorable regulatory shifts and a positive outlook for the cryptocurrency industry following President Joe Biden's withdrawal from the presidential race. The Supreme Court's decision to remove the Chevron Defence Doctrine is also seen as beneficial for Coinbase in its legal battles with the SEC.
The upgrade from Citi, a major investment bank, is likely to boost investor confidence in Coinbase. The favorable regulatory shifts and the Supreme Court's decision to remove the Chevron Defence Doctrine reduce regulatory risks for Coinbase, which has been a significant concern for investors. These factors are likely to drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100