Coinbase Upgraded As Both Presidential Candidates Show Crypto Support; Analyst Sees Resilience Amid Regulatory Changes
Portfolio Pulse from Nabaparna Bhattacharya
Barclays analyst Benjamin Budish upgraded Coinbase Global, Inc. (NASDAQ:COIN) from Underweight to Equal-Weight, citing improved regulatory support for crypto. Despite lowering the price target from $206 to $169, the analyst sees resilience in Coinbase's revenues amid regulatory changes. However, challenges like fee compression and increased expenditures remain.
September 06, 2024 | 5:53 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Coinbase has been upgraded by Barclays from Underweight to Equal-Weight due to improved regulatory support for crypto. The price target was lowered to $169, reflecting ongoing challenges like fee compression and increased expenditures. Despite a 35% share price drop, the outlook is more favorable.
The upgrade from Underweight to Equal-Weight by Barclays indicates a more favorable view of Coinbase's prospects, driven by improved regulatory support for crypto. The lowered price target reflects ongoing challenges, but the overall outlook is positive, suggesting a potential short-term price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100