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Coinbase (NASDAQ:COIN) stock is on the move Tuesday after Citi analysts raised their price target on the crypto company’s shares.
As a result, the company increased its price target for COIN shares from $260 per share $345 per share. This represents a potential upside of 30.1% for Coinbase stock. It is also above analysts’ consensus price forecast of $237.50 per share.
Additionally, Citi analysts upgraded COIN stock to a “Buy” rating from a “Neutral” rating. This is more bullish than that Analyst consensus rating by Hold based on 18 opinions.
What is behind the COIN stock upgrade?
Citi analyst Peter Christiansen said the following about Coinbase in a note to clients obtained by CoinDesk:
“Despite the increasing turmoil in the upcoming US elections, we believe that the risk/reward trade-off for Coinbase, particularly in light of its defense against the Securities and Exchange Commission (SEC) lawsuit, has improved significantly in recent weeks .”
The changes Christiansen is talking about are related to the Supreme Court’s decision on the Chevron precedent. This limited the power of regulators like the SEC.
COIN stock is up nearly 1% since Tuesday morning. That represents 4.9 million shares traded, compared to a daily average of about 8.5 million shares.
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At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
At the time of publication, the responsible publisher did not hold, directly or indirectly, any positions in the securities mentioned in this articlee.