Why Coinbase Stock Was a Cryptocurrency Winner on Wednesday
Cryptocurrencies were a stinker of an asset class on Wednesday, but you wouldn't know that from the performance of one of their top exchange operators. Coinbase (NASDAQ: COIN) saw its share price rise by almost 3% on the day following an analyst's price-target bump; this performance trounced that of the S&P 500 index, which wilted at a 0.7% pace.
Well before market open that day, Atlantic Equities' Simon Clinch made the move. He now pegs Coinbase's fair value at $63 per share, far higher than his previous $46 estimation. He's not ready to change his recommendation, however, which is a bit of a shame for investors as he continues to rate the stock a neutral.
Clinch's latest research note on Coinbase wasn't immediately available. However, it comes just after a very bullish Tuesday for cryptocurrencies in general and related assets specifically. That day Bitcoin, inarguably the bellwether coin of its realm, notched a nearly one-year price high -- $26,500 per coin, to be exact.
Source Fool.com
