Shares of cryptocurrency exchange, Coinbase Global (NASDAQ: COIN) gained in morning trading on Tuesday at the time of writing after Atlantic Equities analyst Simon Clinch upgraded the stock to a Buy from a Hold as the company is focusing on sustainable profitability and is again gaining market share when it comes to its assets under custody.
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Clinch commented, “COIN’s Q1 results confirmed management’s focus on returning the business to sustainable profitability. While risks remain in the form of a weak volume backdrop, recession, regulation, and market prices, we believe COIN’s recent actions allow investors to look through towards the longer-term opportunity.”
The analyst maintained a price target of $70 on the stock, implying an upside potential of 13% at current levels, and noted that for every 10% swing in cryptocurrency market cap, it impacts the price target in the range of 7% to 8%, making Coinbase “the best way to express a view on crypto prices.”
However, overall, analysts are sidelined about COIN stock with a Hold consensus rating based on seven Buys, eight Holds, and seven Sells.
