TradingView News: BofA Elevates Coinbase Rating Amidst Resurging Interest in Cryptocurrencies

BofA Global Research has raised its rating for the cryptocurrency exchange Coinbase Global COIN to “neutral” from “underperform”. The move is attributed to a resurgence in retail involvement in the cryptocurrency space.

The price target for COIN has been increased to $217, up from $110. This new target is about 9% above the closing price of the stock from the preceding session.

Following the SEC’s sanctioning of spot bitcoin ETFs in January, a move that spurred an upswing in cryptocurrency valuations, BofA now perceives a broadening investor demographic for cryptocurrencies.

The firm also comments that the current economic conditions have favorably impacted the market cap growth and trading activity within the cryptocurrency market.

Year-to-date, Bitcoin’s value has seen an approximate increase of 50%.

Furthermore, the brokerage indicates that Coinbase has diversified its revenue streams more effectively, maintained fiscal restraint, and is poised to capitalize on operating leverage after significantly reducing expenditures in 2022.

Out of 27 brokerage firms, 11 recommend buying COIN or rate it even more favorably, 14 suggest holding, and 2 advocate selling. The consensus median price target stands at $257.50, according to LSEG data.

COIN shares have risen 2.6% in early trading and have accumulated gains of approximately 17% YTD, inclusive of the current session’s movement.