Posted 3/8/2024, 1:56:43 PM
Goldman Upgrades Coinbase to 'Neutral' on Crypto Rally Momentum
- Goldman Sachs upgrades Coinbase stock rating from "Sell" to "Neutral" and sets $282 price target
- Upgrade prompted by recent bullish momentum in crypto market and Coinbase's increasing US market dominance
- Coinbase trading volumes have soared to new highs during the crypto rally, nearing 2021 levels
- Goldman raises Coinbase revenue forecast by 48% based on strong volumes and user growth
- Bank previously questioned crypto's long-term prospects but now sees more optimistic short-term outlook for Coinbase