Coinbase Rides The Bitcoin ETF Wave: Why JPMorgan Is No Longer Bearish On Crypto Exchange
Investment bank JPMorgan Chase upgraded its rating on cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN) from Underweight to Neutral Thursday, citing the recent surge in Bitcoin (CRYPTO: BTC) prices and the positive impact on Coinbase’s earnings power.
The bank maintained an $80 price target on the stock.
The Coinbase Takeaways: The upgrade comes in the wake of a significant appreciation in Bitcoin and Ethereum prices, driven in part by the successful launch and adoption of U.S. spot Bitcoin ETFs, analyst Kenneth Worthington said in a note.
These ETFs have seen a net $3.9 billion in inflows since their introduction on Jan. 11, contributing to bullish sentiment in the cryptocurrency market, the analyst said.
The surge has not only elevated Bitcoin’s price but has also had a ripple effect on other cryptocurrencies, bolstering the market capitalization of …
Full story available on Benzinga.com