News

Wall Street Bullish On Coinbase Stock – Projects 100% Upside For COIN In The Next 12 Months

When looking at the broader market, as well as both the medium and short term, Cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) is in a negative position as it continues on its downward trajectory that started in November of last year.

Projects 100% Upside For COIN In The Next 12 Months

Dan Dolev, an analyst at Mizuho, recently set a $150 price objective on April 12 for Coinbase with a “Neutral” rating on the stock.

The analyst revised the rating after analysing significant cryptocurrency exchanges, which revealed that Coinbase may be losing market share.

Dolev is concerned about imminent retail price pressure and the long-term viability of Coinbase’s business model as a result of the quick emergence of competitors such as Crypto.com, FTX, and others.

COIN chart analysis

Projects 100% Upside For COIN In The Next 12 Months

In the last month COIN has a been trading between $146.82 – $206.79 range, which is quite wide. It is currently trading near the lows of this range with prices falling strongly lately, as a result it has been a little bit too volatile to find a good entry and exit point.

In addition the asset is trading well below its 20-50-200 day Simple Moving Averages, typically used by investors as an indication of an downtrend suggesting recent bearish momentum.

Source: CoinCu

In the last three months, 16 Wall Street stock trading experts have given 12-month price predictions for Coinbase. It is projected to reach a median price of $296.53, with a high of $500 and a low of $135. 

Notably, the average price target is 101.32% higher than the stock’s current trading price of $147.29.

Projects 100% Upside For COIN In The Next 12 Months

COIN has seen twelve TipRanks experts reiterate their ‘Buy’ recommendatiCns in the past three months, while two have recommended ‘Hold.’ and anoth two advised ‘Sell.’ Consequently, most analysts think Coinbase is a ‘moderate buy.

Competition for Coinbase heats up

Projects 100% Upside For COIN In The Next 12 Months

In the face of increased competition, Coinbase’s EBITDA is projected to continue to be negatively impacted beyond 2022.

Having said that, technology companies on the Nasdaq have taken a beating in recent months, and it is likely that this has had an influence on COIN at some point . 

The cryptocurrency market and its flagship digital assets are both a long way from their all-time highs, and it is inevitable that this mood will filter down to crypto-based equities as a result of this.

However, once its operations in India are up and running smoothly, as well as a potential movement in the price of Bitcoin, it is possible that Coinbase may change course. 

Coinbase, although selling at $150 per share and at 4.5 times sales, it is overpriced on an earnings basis, trading at over 32 times its forecasted profits for the current year.

The stock, on the other hand, has a lot of upside potential in the long term due to the company’s leading position in the rapidly expanding cryptocurrency market.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

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

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

12 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

42 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

This website uses cookies.