Coinbase Rising after Receiving a New Buy Rating

Shares of Coinbase (NASDAQ:COIN) are higher in today’s trading session. This is likely attributable to new coverage from analyst Mike Colonnese of H.C. Wainwright, who issued a Buy rating with a price target of $75.

Colonnese believes that Coinbase is positioned to gain market share in 2023 due to its trusted brand and easy-to-use products. In addition, he noted that the company is trading below historical levels, thus offering “an attractive entry point for investors.” This comes despite the potential for short-term regulatory headwinds.

Overall, Wall Street has a consensus price target of $65.93 on COIN stock, implying almost 15% upside potential, as indicated by the graphic above.

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