News

JPMorgan Upgrades Coinbase Stock Rating To Neutral from Underweight, With No Price Target

Key Points:

  • JPMorgan elevates Coinbase (COIN) stock rating to ‘neutral’ from ‘underweight.’
  • Change attributed to the surge in cryptocurrency prices post U.S. approval of Bitcoin spot ETF.
JPMorgan Chase announced a notable shift in its stance on the stock rating of cryptocurrency exchange Coinbase (COIN).

The financial giant upgraded Coinbase’s stock rating from ‘underweight’ to ‘neutral,’ attributing the adjustment to the flourishing state of the cryptocurrency market following the approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.

The report highlighted the significant impact of the recent surge in cryptocurrency prices, specifically noting that the approval of a Bitcoin spot ETF had played a pivotal role in influencing JPMorgan’s decision. With the anticipated increase in trading activity levels and profitability for Coinbase in the first quarter, the bank expressed optimism about the company’s future performance.

JPMorgan’s Upgrade Signals Confidence Surge

Despite the upgrade to a neutral rating, JPMorgan opted to maintain its target price for Coinbase at $80. The report shed light on the interconnected nature of Bitcoin’s appreciation and its positive effects on the broader cryptocurrency market. JPMorgan analysts asserted that the rising value of Bitcoin contributes to increased flows into Bitcoin spot ETFs, subsequently propelling Bitcoin prices higher and, in turn, elevating the values of other cryptocurrencies.

“We believe that Bitcoin’s appreciation contributes to increased Bitcoin spot ETF flows, which in turn drives Bitcoin prices higher and drives other coins higher,” stated JPMorgan analysts in their report.

Coinbase Positioned for Growth Amid Crypto Boom

The decision to upgrade Coinbase’s stock rating reflects JPMorgan’s recognition of the evolving dynamics within the cryptocurrency landscape and the potential for continued growth. Investors are likely to scrutinize these developments closely as they navigate the volatile yet promising realm of digital assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

1 hour ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

2 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

2 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

3 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

3 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

3 hours ago

This website uses cookies.