Summary
Goldman Sachs upgrades rating on Coinbase from “Sell” to “Neutral” with a price target of $282, reflecting increased marketshare and trading volumes in the U.S. The upgrade comes amid a surge in cryptocurrency prices, with Coinbase setting new daily volume records. The revision also includes a 48% increase in revenue forecast and a more optimistic short-term outlook for Coinbase.
Key Points
1. Goldman Sachs has upgraded its rating on Coinbase from “Sell” to “Neutral” and set a new price target of $282 for the stock.
2. Coinbase has increased its market share in the U.S. to 60% following the approval of new spot Bitcoin ETFs by the SEC in January.
3. Coinbase saw a substantial increase in daily trading volumes, reaching nearly $12 billion worth of volume on March 6, setting a new record despite facing technical challenges during high volatility periods.