COIN - Coinbase Gets Upgrade: Analyst Highlights Larger Audience New Spot ETFs Less Focus On Meme Coins | Benzinga
BofA Securities analyst Mark McLaughlin upgraded Coinbase Global, Inc (NASDAQ:COIN) to Neutral from Underperform, raising the price forecast to $217 from $110.
According to the analyst, the upgrade was driven by retail reengagement of crypto and operating leverage following prior expense cuts. Risks, however, included ongoing regulatory overhang and near-term dependence on transaction revenue for profitability.
Per the analyst, the current macro environment has been a positive for cryptocurrency market cap appreciation and trading volumes.
The present market situation is more robust given the larger audience of investors, including institutional, new spot ETFs, and more maturation of brokerage services.
The market also gained ...