Equity analysts at Needham & Company on Monday raised their price target for Coinbase to $420 a share, citing strong trading volumes in December and higher volumes of counterfeit products. The company had previously targeted a price of $375.
"The increase in price targets is due to the return of significant retail activity to the cryptocurrency market, with volumes expected to reach record highs in December," analysts said in a statement. "Increased volatility, particularly with bitcoin around $100,000, and increased activity in counterfeit products are the main reasons for the surge in volume."
Analysts at Needham, who have a "buy" rating on the stock, forecast strong results for Coinbase in the fourth quarter of 2024 and next year.
Needham raises Coinbase stock price target to $420
2024-12-09 19:43:37
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