Cryptocurrency exchange Coinbase (COIN) stock is trending higher on Friday morning following an upgrade from Oppenheimer. The company upgraded Coinbase’s stock price from “perform” to “outperform” and set a price target of $160 per share.
Bitcoin (BTC-USD) rebounds above $41,000 after a week of declines since Spot Bitcoin ETF was approved
Yahoo Finance’s Seana Smith and Brad Smith explain the details.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by angel smith
Brad Smith: Coinbase stock is on the rise after Oppenheimer upped the stock price to outperform. And price targets start at $160 per share. Analysts behind the conference call said Coinbase is stronger than many people, and that is, stronger than many people think. sorry. We’re looking at a price target of $160. We were looking at stock prices earlier.
And this actually improves the broader variety of cryptocurrencies and cryptocurrency trading names out there as well. We were tracking marathons. This is one of the most trending tickers on the Yahoo Finance platform this morning. There is a pre-market with about 6 minutes until trading starts, and also Bitcoin. Perhaps you can take a quick look at it to see how things are going. This is because, after all, there was great uncertainty throughout this week as to whether or not we would be able to maintain this 40,000 level. Eventually it returned to normal. And now we’ve surpassed that. Bitcoin is up about 3% today.
Sheena Smith: Yeah. Indeed, optimism is slowly returning to the market. Again, to put this into perspective, Bitcoin has been under a lot of pressure since getting that decision from the SEC. But much of the thinking is that some of the optimism for approval is already built into the price. As a result, there was some cooling. And you can see that reflected a little bit in the stock chart that’s on the screen right now.
So now we’re above the 41,000 level. The question is, how high can you climb? Can we get back to the 46,000, 47,000 levels we saw a while ago? And also, we’re seeing the price of Bitcoin rising here, so obviously there are other names like Coinbase among the key leaders in market activity today.
But Oppenheimer calls out a number of catalysts here for Coinbase’s latest upgrade. One is the outlook for improved earnings and improved fundamentals. As such, they are raising their price target to $160. That’s about $40 more than today’s trading price.