Shares of cryptocurrency exchange Coinbase (COIN) are trending higher Friday morning following an upgrade from Oppenheimer. The firm upgraded Coinbase’s stock from Perform to Outperform, setting a price target of $160 per share.
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Editor’s note: This article was written by Angel Smith
BRAD SMITH: Coinbase shares are getting a boost with Oppenheimer upgrading the stock to outperform from perform. And initiating its price target at $160 per share. The analyst behind the call citing Coinbase as a stronger than many people– has stronger than many people realize. Excuse me. There you’re taking a look at the price target $160 here. We were taking a look at the shares a moment ago.
And this is actually a lift for the broader kind of crypto and the crypto trading names out there as well. We were tracking Marathon. That’s one of the top trending tickers on the “Yahoo Finance” platform right now this morning. Pre-market, with about six minutes until the start of trade, and Bitcoin, as well. Perhaps, we can take a quick look at that just to see how things are faring there. Because, ultimately, over the course of this week, there was a lot of concern about whether or not we’d be able to keep this 40,000 level. We eventually got back up to. And now, have exceeded it. We’re up by about 3% for Bitcoin here today too.
SEANA SMITH: Yeah. Certainly, we are seeing some optimism creep back into the markets. Again, putting this in perspective, Bitcoin had been under a tremendous amount of pressure ever since we did get that decision from the SEC. A lot of that thought, though, some of that optimism of an approval already baked into the price. So we did see a bit of cooling. And you can see that a bit reflected in that stock chart that we have up there on the screen right now.
So we are above that 41,000 level now. Question is, how much higher can we climb? Can we get back to that 46,000, 47,000 level that we saw not too long ago. And again, because we’re seeing the price of Bitcoin rise here, obviously, other names like Coinbase among the big leaders in today’s market action.
But Oppenheimer here in this upgrade of Coinbase calling out a number of catalysts here. One, the prospect of stronger earnings, and also improving fundamentals. Because of that, they’re raising the price target to 160. About $40 higher than where it’s trading today.