Coinbase, the leading US-based crypto exchange, has seen a surge in its market share following the introduction of several spot Bitcoin exchange-traded funds (ETFs) in January.
In response, analysts at Goldman Sachs have upgraded their rating on Coinbase shares from selling to neutral and adjusted their price target to $282.
Coinbase shares
The bank analysts wrote:
“We are upgrading shares of COIN to Neutral from Sell, as crypto prices have surged to all time highs, and COIN daily volumes have reached levels not seen since 2021 driving a 48% increase to our revenue estimates since early February.”
The analysts explained that their decision reflects the changing landscape of the crypto market and the corresponding impact on Coinbase’s performance.
Previously, JPMorgan analysts had downgraded Coinbase’s stock from Neutral to Underweight due to pressures in the crypto market and potential revenue shifts away from Coinbase following the launch of the new ETFs.
Coinbase’s stock ha
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