Coinbase Global Inc (COIN)

[Minddoc7]

Article Investors Business Daily by Harrison Miller 5/17/2024

" Cryptocurrency prices jumped Friday as bitcoin surged back near $67,000. Institutional investors poured hundreds of millions of dollars into spot bitcoin ETFs this past week. That could propel bitcoin toward its record highs as early as next week, one analyst said. Meanwhile, COIN stock surged after Coinbase received an upgrade and major price target hike from BofA."

" BofA on Friday upgraded Coinbase (COIN) to neutral from underperform, The Fly reported. The current macroeconomic environment has been positive for crypto market cap gains and trading volume growth, the firm wrote. Meanwhile, Coinbase has shown expense discipline and benefited from greater operating leverage after large cost cuts in 2022. BofA expects the greater operating leverage to help maintain profitability. Coinbase's increase in revenue distribution should also dampen earnings volatility, the firm added. BofA hiked its price target to 217 from 110 — a level that Coinbase had run past in November.

COIN stock jumped 4.2% Friday on the upgrade. Shares are trading below their 10-week moving averages after steadily falling from the two-year high of 283.48 in late March. Still, Coinbase stock rallied about 19.4% so far this year."

https://finance.yahoo.com/m/06548163-83f0-3b33-9f3e-8d8a0eeabee4/bitcoin-institutional-etf.html