Coinbase (COIN) Stock Surges as Citi Analysts Raise Price Target
In a major development, Citi analysts have upgraded their price target for Coinbase (COIN) stock from $260 per share to $345 per share, representing a 30.1% potential upside. This bullish move comes as Citi analysts also upgraded their rating for COIN stock from “neutral” to “buy,” surpassing the analyst consensus rating of hold.
The upgrade is driven by improved regulatory risk and defense against the Securities and Exchange Commission’s lawsuit, as highlighted by Citi analyst Peter Christiansen. This positive outlook is further supported by the Supreme Court’s ruling on the Chevron precedent, which reduced the power of regulators like the SEC.
As a result of this news, COIN stock is up nearly 1% on Tuesday morning, with 4.9 million shares traded. Investors are advised to stay tuned for more updates on the stock market trends for the day.
Analysis:
– Citi analysts have raised the price target and rating for Coinbase (COIN) stock, signaling a positive outlook for the company.
– The upgrade is driven by improved regulatory risk and defense against the SEC lawsuit, supported by the Supreme Court’s ruling on the Chevron precedent.
– COIN stock is up nearly 1% on Tuesday, with potential for further upside based on the new price target.
– Investors should stay informed about the latest stock market news to make informed decisions about their investments.