Coinbase, a cryptocurrency exchange experienced an increase, in its stock value after unveiling its quarter financial report that exceeded market expectations. The companys stocks surged by 15% during trading on Friday as numerous Wall Street analysts reevaluated their assessments of the stock and adjusted their price predictions.
KBW improved Coinbases rating from underperform to market perform. Concurrently raised its price target to $160 from $93. The banking institution expressed doubts about the sustainability of interest and speculative activities in the market while acknowledging the positive impact of rising cryptocurrency prices throughout the year as well as a notable increase in USD Coin (USDC) holdings by 15%.
Wedbush reiterated its outperform rating for Coinbase. Increased its price target from $180 to $200. The investment firm emphasized that the recent financial results effectively countered arguments against COIN highlighting no fee reductions or competition from exchange traded funds (ETFs).
Additionally Coinbase demonstrated a shift, towards reducing participation and trading fees while expanding institutional involvement.
Maintaining its buy recommendation Canaccord Genuity raised its price target to $240 from $140 citing industry trends and strong business performance.
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