What's Going On With Coinbase Stock?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher following the Federal Reserve's unexpected 50 basis point interest rate cut, which has boosted risk assets like stocks and cryptocurrencies. Bitcoin and Ethereum have also seen increased trading activity. Analysts have a positive outlook on Coinbase with an average 12-month price target of $257.25.
September 19, 2024 | 3:50 pm
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POSITIVE IMPACT
Coinbase shares are up 7.11% as the Federal Reserve's 50 bps rate cut boosts risk assets. Analysts have a positive outlook with a 12-month price target of $257.25, suggesting potential upside.
The Federal Reserve's rate cut makes risk assets more appealing, benefiting Coinbase as a platform for cryptocurrency trading. The positive analyst outlook further supports potential stock price growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100