Coinbase Upgraded to Neutral as Goldman Sachs Ends Bearish Stance
Summary
Goldman Sachs has upgraded its rating for crypto exchange Coinbase from sell to neutral, following a record high for bitcoin and daily trading volumes not seen since 2021. The bank also increased its price target for Coinbase to $282 from $170. Analysts attribute the stock's progress this year to the rise in crypto prices and Coinbase's commitment to consistent profitability. Data shows Coinbase's daily volumes in the $3 billion to $5 billion range, driven by increased retail participation. The exchange has also benefited from increasing price on its trading platform, maintaining market share, controlling expenses, and higher interest rates resulting from Coinbase's 50% revenue share of interest income earned on USDC reserve balances.
