Coinbase price target raised to $60 from $53 at JPMorgan

JPMorgan analyst Kenneth Worthington raised the firm’s price target on Coinbase to $60 from $53 and keeps a Neutral rating on the shares. Cryptocurrency prices have surged in the beginning of 2023 and for a broker/exchange like Coinbase, "higher volumes and prices help," Worthington tells investors. While he thinks the crypto ecosystem has suffered "meaningful credibility issues," Coinbase "has emerged with its credibility and brand strengthened – at least relatively," argues Worthington, who sees Coinbase as a beneficiary of the challenges that have faced other brokers/exchanges following the collapse and bankruptcy of FTX.