Editor's note: The headline of this story has been corrected to reflect that Bitcoin crossed the $70,000 level.
Shares of Coinbase Global Inc (NASDAQ:COIN) climbed in early trading on Friday, with Bitcoin prices on fire.
Prices of several cryptocurrencies are hovering near record higher and Coinbase Global’s daily volumes have “reached levels not seen since 2021,” according to Goldman Sachs.
The Coinbase Global Analyst: Will Nance upgraded the rating for Coinbase Global from Sell to Neutral, while raising the price target from $170 to $282.
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The Coinbase Global Thesis: While crypto has limited use cases, its retail adoption has accelerated over time, Nance said in the upgrade note.
Check out other analyst stock ratings.
Crypto prices are being driven by the Bitcoin halving event, the launch of BTC ETFs and greater political and geopolitical uncertainty, the analyst stated. He added, however, that their analysis suggests that “much of the recent price action has been driven by elevated retail participation.”
“With BTC reaching new highs north of $67k, public data indicates COIN daily volumes in the $3bn to $5bn range,” Nance wrote. This in turn has driven “a 48% increase in our revenue estimate, and a 114% increase in our 2024 EBITDA estimate,” he further said.
COIN Price Action: Shares of Coinbase Global were up 5.8% to $256.70 at the time of publication on Friday.
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