Citi upgrades Coinbase to Buy with $345 price target due to better regulatory outlook

From Nasdaq
July 23, 2024 07:56 AM:

Citi upgrades Coinbase (COIN) from “Neutral” to “Buy” with a price target increase to $345. Regulatory changes in the U.S. benefit cryptocurrencies, making the environment more favorable for Coinbase’s growth potential.

Coinbase positioned to benefit from shifting regulatory landscape, Supreme Court decision, and upcoming presidential election. Increased institutional investment expected as spot ether ETFs launch in the U.S. today, creating new revenue opportunities for the crypto exchange.

Coinbase stock already up 52.46% this year, but Citi sees room for further growth with improving regulatory climate and new market developments. Potential benefits of these changes could lead to even bigger gains for the crypto exchange.

Read more at Nasdaq.: Coinbase Gets a Boost: Citi Upgrades to Buy on Better Regulatory Outlook