U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Investing.com - Benchmark maintained its buy rating and $421.00 price target on Coinbase Global Inc. (NASDAQ:COIN) stock on Monday, following what the research firm described as a "transformational year" for the cryptocurrency exchange. The company, currently valued at $78.55 billion, trades at $308.38 per share. According to InvestingPro data, analyst targets range from $170 to $400, reflecting diverse views on the stock’s potential.
Coinbase shares jumped by more than 23% last week amid a flurry of news about the company and its operating environment, according to Benchmark. The stock’s strong momentum is evidenced by its impressive 17.9% gain over the past week and 24.2% return year-to-date, based on InvestingPro data, which shows the company maintains a "GOOD" Financial Health Score. The firm noted that each of the headlines and announcements that emerged over the past few trading sessions appeared to affirm or boost Coinbase’s long-term growth prospects.
The cryptocurrency exchange has experienced significant positive momentum throughout 2024, with last week’s developments adding to an already strong year for the company. Benchmark’s maintained price target reflects continued confidence in Coinbase’s market position.
Benchmark indicated that additional significant news supportive of Coinbase may be forthcoming, potentially creating "a path to a meaningfully higher price for the stock." The research firm’s analysis suggests these developments could further strengthen the company’s outlook.
The maintained buy rating comes as Coinbase continues to navigate the evolving cryptocurrency landscape, with Benchmark viewing recent developments as validation of the company’s strategic direction and growth potential in the digital asset space.
In other recent news, Coinbase Global Inc. has been in the spotlight with several significant developments. Benchmark has raised its price target for Coinbase to $421 from $301, maintaining a Buy rating, citing a "transformational year" and improved operating conditions due to supportive legislative actions. In addition, Coinbase has launched Coinbase Payments, a stablecoin payment system for ecommerce platforms, with Shopify (NASDAQ:SHOP) as its first major partner, enabling merchants to accept USDC stablecoin payments globally. The company has also been active in expanding its product offerings, as highlighted during its State of Crypto event, where it unveiled several new initiatives, including a USDC-powered payments product and a bitcoin rewards card.
Rosenblatt Securities reiterated its Buy rating with a $300 price target, expressing optimism about the cryptocurrency industry’s growth and Coinbase’s strategic position. Cantor Fitzgerald also reaffirmed its Overweight rating with a $292 price target, emphasizing Coinbase’s role as a critical infrastructure layer in the crypto space. Barclays (LON:BARC) maintained its Equalweight rating with a $202 price target, noting the company’s product expansion and its implications for both retail and business segments. These recent developments reflect Coinbase’s ongoing efforts to diversify its offerings and adapt to changing market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.