JPMorgan upgraded Coinbase to Neutral from Underweight with an unchanged price target of $80. The analyst cites the surge in bitcoin, ethereum and broader cryptocurrency prices for the upgrade. What was initially a “sell-the-news event” with the launch of U.S. bitcoin spot exchange traded funds has now turned into meaningful bitcoin price appreciation, the analyst tells investors in a research note. The firm thinks this bitcoin appreciation is contributing to better spot bitcoin ETF flows, which is in turn driving bitcoin prices higher, and pulling other tokens higher as well. It sees the higher cryptocurrency prices not only sustaining, but improving, activity levels and Coinbase’s earnings power.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on COIN: