{"id":89470,"date":"2024-01-27T19:45:49","date_gmt":"2024-01-28T00:45:49","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89470"},"modified":"2024-01-27T19:45:50","modified_gmt":"2024-01-28T00:45:50","slug":"coinbase-stock-is-rallying-heres-why-it-got-a-rare-upgrade-to-outperform","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89470","title":{"rendered":"Coinbase Stock Is Rallying. Here\u2019s Why It Got a Rare Upgrade to Outperform."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000855603\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:71.51799687010954%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Shares in<br \/>\n        Coinbase Global<br \/>\n       rallied on Friday after the cryptocurrency broker received a rare thumbs-up from a Wall Street analyst.<\/p>\n<p>Coinbase stock gained 2% to around $125 after Oppenheimer analyst Owen Lau raised his rating on the shares to Outperform from Perform with a price target of $160. The stock has fallen more than 25% this year after more than tripling in value in 2023. It took off as crypto rose out of a bear market and anticipation built around the approval of spot<br \/>\n        Bitcoin<br \/>\n       exchange-traded funds.<\/p>\n<div class=\"paywall\">\n<p>Few analysts still favor the stock after those red-hot gains. Among other challenges, the company faces allegations from the Securities and Exchange Commission that could upend the business. The average rating for Coinbase stock among analyst tracked by<br \/>\n        FactSet<br \/>\n       is at Hold. <\/p>\n<p>Few have raised their targets for the stock price in recent months, even as the stock has marched higher.<br \/>\n        J.P. Morgan<br \/>\n      \u00a0even downgraded Coinbase this week.<\/p>\n<p>\u201cCoinbase is still standing and fighting for its businesses and the industry,\u201d Lau wrote in a Thursday note. \u201cWe believe the company is stronger than many people realize, and the management team is tougher than most investors think.\u201d<\/p>\n<p>The SEC alleges that Coinbase operates as an unregistered securities exchange, a significant threat to a group whose core business remains crypto trading. Coinbase denies that it offers securities and is fighting the SEC in court in a battle that is likely to set a precedent across the digital asset space.<\/p>\n<p>\u201cEither Coinbase will prevail in SEC lawsuit or the court will dismiss it,\u201d Lau predicted. That is a key pillar in any bull case for the stock because the SEC\u2019s lawsuit targets a major moneymaker for Coinbase: trading in smaller, non-Bitcoin tokens.<\/p>\n<p>Lau is also positive on spot Bitcoin ETFs and their impact on the company. Coinbase is the custodian of many of the newly launched crypto ETFs, but there remain concerns that low-fee funds could cannibalize some of the broker\u2019s fee-based trading business.<\/p>\n<p>\u201cCoinbase\u2019s fundamentals are in upward trajectory\u2026the long-term competitive position of Coinbase remains strong,\u201d Lau said, pointing to what he said were multiple factors that can aid the company in both the near and long term.\u00a0<\/p>\n<p>The assumptions for a continued rally in Coinbase, Lau said, include market-share gains in U.S. and global spot crypto trading, continued premium pricing power given the company\u2019s brand and compliance infrastructure, and additional crypto ETF products, such as proposed funds that would hold<br \/>\n        Ether<span>.<\/span>\n       <\/p>\n<p>The analyst added that interest-rate cuts in the U.S., a change to Bitcoin\u2019s issuance known as the \u201chalving,\u201d and further crypto adoption \u201ccan boost the top and bottom lines for Coinbase over the next two years.\u201d<\/p>\n<p>Now let\u2019s see if more on Wall Street follow.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/coinbase-stock-upgrade-b491645d?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares in Coinbase Global rallied on Friday after the cryptocurrency broker received a rare thumbs-up from a Wall Street analyst. Coinbase stock gained 2% to around $125 after Oppenheimer analyst Owen Lau raised his rating on the shares to Outperform from Perform with a price target of $160. The stock has fallen more than 25% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-89470","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Stock Is Rallying. 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