Coinbase Global, Inc.
COIN shares are trading lower Tuesday, though the stock remains up 5% over the past month. Here’s a look at recent developments, including an analyst’s price target increase.
The Latest:
Needham’s analyst John Todaro has maintained Coinbase Global with a Buy rating and lifted the price target from $160 to $180. Needham labeled Coinbase as its top pick for 2024, adding it to the Conviction List, emphasizing the company’s product growth, including its derivatives launch and overseas expansion.
In late December, Coinbase received approval from France’s AMF watchdog as a virtual asset service provider (VASP). Once the European Union’s Markets in Crypto Assets (MiCA) regulation is implemented, Coinbase will utilize the VASP license obtained in France to provide services across the European Union, marking a substantial expansion for the company.
Investors are eagerly awaiting the potential approval of a spot Bitcoin ETF, and Bitcoin BTC/USD continues to surge near 2-year highs amid the excitement. Shares of crypto-related companies like Coinbase have benefited from the increased interest in cryptocurrencies, and Coinbase shares are up by more than 90% over the past six months.
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COIN Performance: According to Benzinga Pro, Coinbase Global shares are up 2.7% at $155.01 at the time of publication.