Bank of America Upgrades Coinbase to Neutral, Raises Price Target to $217
Bank of America has upgraded Coinbase's shares to neutral from underperform and increased its price target to $217 from $110. The bank cited the positive macro backdrop for the cryptocurrency markets and trading volumes as reasons for the upgrade. However, risks remain, including the exchange's dependence on transaction revenue and ongoing lawsuit with the SEC. Coinbase's shares rose 2.5% in pre-market trading following the upgrade, but fell over 9% the previous day due to potential competition from the Chicago Mercantile Exchange.
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