From Nasdaq.: 2024-04-16 06:30:00

Shares of Coinbase Global have been soaring as more investors gain access to Bitcoin, causing a rise in cryptocurrency value. Analyst Dan Dolev raised the stock’s target price to $145 per share, but recommends selling due to concerns about future fundamentals and competitive pressures.

The recent spike in interest for Bitcoin owning has led to increased crypto trading activity, boosting revenue for Coinbase. Despite a favorable near-term setup, analyst Dolev warns of unsustainable frenzy and long-term concerns such as competitive pressure. The artificial boost in Coinbase shares also raises profit-taking signals for investors.

Before considering an investment in Coinbase Global, note that Motley Fool Stock Advisor did not include it in their list of 10 best stocks to buy now. While the stock has been performing well, other opportunities may provide higher returns in the future according to the Stock Advisor service’s success history.

Read more at Nasdaq: 1 Wall Street Analyst Thinks Coinbase Stock Is Going to $145. Is It a Sell?