Zinger Key Points
- Coinbase shares are trading lower Tuesday, though the stock remains up 5% over the past month.
- On Monday, Needham analyst John Todaro maintained Coinbase Global with a Buy and raised the price target from $160 to $180.
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Coinbase Global, Inc. COIN shares are trading lower Tuesday, though the stock remains up 5% over the past month. Here’s a look at recent developments, including an analyst’s price target increase.
What To Know:
On Monday, Needham analyst John Todaro maintained Coinbase Global with a Buy and raised the price target from $160 to $180. Needham selected Coinbase as its top pick for 2024 by adding it to the Conviction List and highlighted the company's product growth including its derivatives launch and international expansion.
Coinbase received approval from France’s AMF watchdog as a virtual asset service provider (VASP) in late December. Once the European Union’s Markets in Crypto Assets (MiCA) regulation is implemented, Coinbase will be able to use the VASP license obtained in France to offer services in countries throughout the European Union, marking an major expansion for the company.
Investors are eagerly anticipating the potential approval of a spot Bitcoin ETF, and Bitcoin BTC/USD continues to rally near 2-year highs amid the excitement. Shares of crypto-related companies like Coinbase have benefited from the increased interest in cryptocurrencies, and Coinbase shares are up more than 90% over the past six months.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 2.7% at $155.01 at the time of publication.
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