Posted 1/26/2024, 4:01:00 PM
Coinbase Rating Upgraded to 'Outperform' on Expected Revenue Growth from Bitcoin ETFs and SEC Case Outcome
- Oppenheimer upgraded Coinbase's stock rating to "outperform" with $160 target price, believing the company is stronger than realized
- Upgrade based on good chance Coinbase wins SEC lawsuit or case dismissed
- Recent approval of Bitcoin ETFs will bring Coinbase revenue and benefit from new investors
- Analyst predicts trading volume could increase 66% year-over-year
- Good chance Coinbase becomes profitable in 2023 for the first time since Q4 2021, with 25% growth forecast