Coinbase Stock Rises on Back of Analyst Upgrade
(Originally posted on : Crypto News – iGaming.org )
US-based cryptocurrency exchange Coinbase can expect to see its stock surging following an upgrade by investment bank Oppenheimer to an “outperform” rating. A recent report from Yahoo Finance reveals Oppenheimer’s projection of the company’s stock value potentially reaching $160.
Owen Lau, an analyst at Oppenheimer, explained the positive outlook in a research note. He believes Coinbase’s success hinges on two key factors: the outcome of its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) and the broader adoption of digital assets. Lau is optimistic about Coinbase either winning the lawsuit or the court dismissing it.
Additionally, Lau points to various factors that could boost Coinbase’s performance. These include possible interest rate cuts, Bitcoin’s (BTC) expected halving in April, and the increasing embrace of digital assets. In a statement to MarketWatch, Lau said, “We believe Coinbase can prevail in the lawsuit, and there is a good chance that the court will dismiss all or part of this complaint… We believe a rate cut, halving, and further adoption can boost the top and bottom lines for COIN over the next two years.”
Coinbase found itself at the center of an SEC lawsuit in June 2023. The SEC accused the crypto exchange of selling unregistered securities, claiming jurisdiction over the digital assets listed on its platform.