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$60,032.00 2.13698
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Ethereum
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$3,191.05 0.95966
Ethereum price
BNB
BNB (BNB)
$536.09 1.06653
BNB price
Solana
Solana (SOL)
$145.16 3.82817
Solana price
XRP
XRP (XRP)
$0.5309500 -1.56229
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Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -0.17807
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Pepe
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$0.0000088 0.69793
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Bonk
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$0.0000234 4.25655
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Bitcoin
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$60,032.00 2.13698
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Ethereum
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$3,191.05 0.95966
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BNB
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$536.09 1.06653
BNB price
Solana
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$145.16 3.82817
Solana price
XRP
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$0.5309500 -1.56229
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -0.17807
Shiba Inu price
Pepe
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$0.0000088 0.69793
Pepe price
Bonk
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$0.0000234 4.25655
Bonk price
Bitcoin
Bitcoin (BTC)
$60,032.00 2.13698
Bitcoin price
Ethereum
Ethereum (ETH)
$3,191.05 0.95966
Ethereum price
BNB
BNB (BNB)
$536.09 1.06653
BNB price
Solana
Solana (SOL)
$145.16 3.82817
Solana price
XRP
XRP (XRP)
$0.5309500 -1.56229
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -0.17807
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000088 0.69793
Pepe price
Bonk
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$0.0000234 4.25655
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Goldman Sachs upgrades Coinbase to neutral, sets new price target

coinbase-goldman-sachs-price
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Goldman Sachs upgrades Coinbase to neutral, sets new price target

Goldman Sachs has upgraded its rating on Coinbase from sell to neutral, setting a new price target of $282 for the stock.

The adjustment was announced on Thursday and marks a shift in Goldman Sachs’ view on Coinbase, influenced by recent bullish trends in the cryptocurrency market.

Blockchain analysis firm Kaiko reported that Coinbase’s market share in the U.S. has increased 13% following the SEC’s approval of 11 new spot Bitcoin ETFs in January.

The increase in Coinbase’s stock rating is aligned with a surge in cryptocurrency prices and a significant rise in daily trading volumes on Coinbase. The platform witnessed nearly $5 billion in trading volume on Jan. 11, the day the Bitcoin ETFs started trading, surpassing its 2023 volume and nearing the volume on the day FTX filed for bankruptcy in November 2022.

On March 6, Coinbase achieved a record volume of approximately $12 billion despite experiencing technical difficulties during high-volatility periods.

Following these developments, Goldman Sachs has raised its revenue forecast for Coinbase by 48%. In mid-February, Coinbase reported a profit of $273.4 million for a quarter, a substantial improvement over a $557 million loss in the same quarter the previous year. This was a significant turnaround from a $2 million loss reported in the third quarter of 2023.

Goldman Sachs’ previous sell rating was based on concerns about the cryptocurrency market’s long-term viability. However, recent market performance and adoption rates have led to a reassessment, with the new price target suggesting a more positive short-term outlook for Coinbase in the current market rally.