Coinbase price target raised to $260 from $151 at Citi

Citi analyst Peter Christiansen raised the firm’s price target on Coinbase to $260 from $151 and keeps a Neutral rating on the shares. The firm admits it has been challenging not to be positive on Coinbase shares. Aside from the sharp rise year-to-date in token prices, Coinbase has demonstrated continued momentum in its category leadership, emerging as the key services provider for bitcoin exchange traded funds and becoming the leading layer 2 network for Ethereum via Base, the analyst tells investors in a research note. The firm believes “there’s likely more to come” after considering the company’s 2024 priorities to drive increased utility across crypto. The flip side of this momentum remains centered on the SEC’s continued actions, including heightened activity surrounding Ethereum, Citi adds.