Why Coinbase Stock Is Rising Today

Coinbase Global Inc COIN shares are trading higher Tuesday after Alphabet Inc GOOG said it would use Coinbase to start letting customers pay for cloud services with crypto, beginning next year.

According to a CNBC report, Jim Migdal, Coinbase’s vice president of business development, said the company will move data-related applications to Google from the Amazon.com Inc AMZN Web Services cloud, which Coinbase has relied on for years.

Beginning early in 2023, the Google Cloud Platform infrastructure service will accept crypto payments from select customers who want to pay with crypto.

JMP Securities analyst Devin Ryan maintained Coinbase with a Market Outperform rating and lowered the price target from $195 to $155.

On Monday, Barclays analyst Benjamin Budish maintained Coinbase with an Equal-Weight rating and raised the price target from $73 to $77.

Coinbase is scheduled to report its third-quarter financial results after the market close on Nov. 3.

See Also: US Stocks Headed For Another Tough Trading Day As S&P 500, Nasdaq Futures Plunge; Apple, Chip and Energy Stocks In Focus

COIN Price Action: Coinbase has a 52-week high of $258.80 and a 52-week low of $40.83.

The stock was up 5.91% at $71 Tuesday morning, according to Benzinga Pro.

Photo: courtesy of Coinbase.