BofA raised the firm’s price target on Coinbase to $110 from $92 and keeps an Underperform rating on the shares. The firm notes that CoinGecko data shows Coinbase volumes surged 100% quarter-over-quarter and 107% year-over-year in Q1 as bitcoin ETF approvals spurred additional trading activity and bitcoin hit a new all time high, leading the firm to expect Coinbase to “materially beat” Q1 consensus estimates. However, the firm maintains an Underperform rating citing crypto market unpredictability, a lack of revenue diversification, valuation and potential risks related to SEC litigation.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on COIN:
- Coinbase price target raised to $320 from $300 at JMP Securities
- MSTR, COIN: Here’s What Pulled Crypto Stocks Higher Yesterday
- Coinbase price target raised to $179 from $146 at Barclays
- Here’s What You Missed in Crypto This Week
- Crypto Roundup: Bitcoin’s Stumble, COIN’s Canada Move, and Ripple’s Stablecoin
