CFRA raises Coinbase (COIN) as stock benefits from recent crypto enthusiasm

CFRA analyst Michael Elliott raised shares of Coinbase (NASDAQ: COIN) to Hold from Buy in a note Friday, lifting the price target for the stock to $177 per share.

The analyst cited the cryptocurrency exchange's earnings beat for the upgrade.

The analyst told investors that COIN is benefitting from the recent crypto enthusiasm, led by Bitcoin prices that have climbed to over $51,000 following the approval of spot Bitcoin ETFs. Ethereum has also experienced a strong rally, currently trading at over $2,700.

"While we felt the ETFs may have been a 'sell the news' event, inflows have been strong and should benefit further from increasing crypto enthusiasm," said Elliott. "We believe the tailwinds from these higher prices are likely to offset potential regulatory headwinds near-term, especially as investor excitement builds to the Bitcoin 'halving' event in April 2024."

The firm raised its 2024 EPS estimate for COIN by $4.80 to $4.33 and starts 2025 at $4.03.
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By Sam Boughedda

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