Coinbase price target raised to $150 from $95 at JPMorgan

JPMorgan raised the firm’s price target on Coinbase to $150 from $95 and keeps a Neutral rating on the shares. The analyst sees Ethereum and its native token ether as a substantial contributor to the cryptocurrency ecosystem, developer of blockchain technology, and driver of Coinbase earnings. With ether having rallied 70% year-to- date, surpassing the $4,000 threshold in recent days and outpacing bitcoin returns, the firm evaluated the economic impact to Coinbase’s various businesses. It increased the stock’s price target to reflect the substantial cryptocurrency rally and the positive impact that Ethereum has had on Coinbase revenue. While the new price target is below Coinbase’s current stock price, JPMorgan sees a “rapidly improving” cryptocurrency environment and rising earnings power for Coinbase, even as it thinks the stock “may have gotten ahead of itself.”