Key Points:
Read more: Coinbase Review: Top Trading Platform With Many Supported Features
The daily trading volume, reminiscent of levels last seen in 2021, underscored the fervor surrounding the cryptocurrency market.
In a notable shift, Goldman Sachs adjusted its stance on cryptocurrency exchange Coinbase, upgrading the Coinbase stock rating from sell to neutral. Alongside this adjustment, the bank revised its price target for Coinbase shares to $282 from $170, highlighting the company’s strides toward consistent profitability amid the crypto boom.
With Bitcoin eclipsing $67,000, data reveals that Coinbase’s daily trading volumes hover between $3 billion and $5 billion. Goldman Sachs attributes this surge in activity to increased participation from retail investors, which translates into a more favorable Coinbase stock rating.
This assessment aligns with analyses from several other equities analysts, who have also recently weighed in on Coinbase. Citigroup, Wedbush, HC Wainwright, Oppenheimer, and JPMorgan Chase & Co. have all adjusted their price targets and ratings for the company, reflecting the evolving landscape of the cryptocurrency market.
While four analysts maintain a sell rating, seven advocate for holding, and nine endorse buying Coinbase stock, the consensus rating stands at “Hold,” according to MarketBeat. The average price target lands at $128.19, signaling ongoing volatility and investor sentiment in the cryptocurrency sector. As Bitcoin continues its ascent, Coinbase remains a focal point for investors navigating the ever-changing dynamics 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. |
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