Analysts Predict Coinbase Stock Could Reach $70


Atlantic Equities upgraded Coinbase Global to “overweight” on Tuesday and analyst Simon Clinch provided the rationale in a research note. Year-to-date, Coinbase Global Inc stock is up more than 80%, and Clinch’s $70 price target suggests a close to 20% upside from here. The analyst believes the company has been successful in executing cost cuts and building resilience in the business model.

Coinbase has recently launched a Bermuda-based exchange and reported its financial results for the first quarter, which surpassed expectations. Coinbase Prime also noted record volumes. Clinch stated that the company is regaining custody asset share and leveraging its trust credentials to exercise pricing power.

However, potential buyers should be aware that Coinbase received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC) in March. Investors should also consider the associated risks such as regulation and recession.

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