Coinbase Upgraded to Neutral Ahead of Earnings at JPMorgan as Shares Surge
Summary
JPMorgan has upgraded the shares of crypto exchange Coinbase to neutral, reflecting the recent surge in cryptocurrency prices following the approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. The bank expects higher crypto prices to improve Coinbase’s earnings power in the first quarter. Despite the upgrade, JPMorgan's price target for Coinbase remains unchanged at $80. The bank also warned that Coinbase shares could underperform in 2024 following a near-400% increase in share price last year. The approval of spot bitcoin ETFs has led to meaningful bitcoin appreciation, driving bitcoin prices higher and pulling other tokens higher as well.
