Coinbase Stock Has 25% Upside, According to 1 Wall Street Analyst
Analysts at JMP Securities firmed up their view of cryptocurrency exchange (NASDAQ: COIN) on Tuesday, noting now there is less room for error for the company. Nevertheless, JMP Securities maintained its "outperform" rating and boosted its price target to $320. That new price target represents potential upside of 25% from the stock's Apr. 8 closing price.
Shares of Coinbase have surged this year as Bitcoin has rallied nearly 70% so far in 2024.
Coinbase has also made legitimate progress in reducing its costs, a necessity as cryptocurrency trading volumes dried up during the last crash. The company has also expanded its sources of revenue beyond transaction fees.
Source Fool.com