Why Coinbase Global Stock Is Up Today

Coinbase Global, Inc. COIN shares are trading higher Friday after two analysts raised their price targets on the stock.

The Details:

JMP Securities analyst Devin Ryan maintained Coinbase Global with a Market Outperform and raised the price target from $107 to $200. Ryan highlighted broader market implications of blockchain techology and potentially exponential growth of the digital asset ecosystem, which he believes Coinbase is positioned to capitalize on.

Mizuho analyst Dan Dolev maintained Coinbase Global with an Underperform, but raised the price target from $35 to $54. The analyst noted the re-acceleration in crypto markets during the fourth-quarter, which he said are driven mainly by investors' excitement surrounding the potential approval of spot Bitcoin BTC/USD ETFs.

According to data from Benzinga Pro, Coinbase shares have gained more than 60% over the past month and are up more than 400% year-to-date. The stock reached a new 52-week intraday high of $178.05 Friday.

COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up by 5% at $177.00 at the time of publication.

Image: Wilfried Pohnke from Pixabay

Market News and Data brought to you by Benzinga APIs

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