Coinbase Price Target Rises to $421
Coinbase shares soared over 23% last week, with a major analyst highlighting that the growth surge may just beginning. Mark Palmer of Benchmark has elevated Coinbase's (ticker COIN) price target to $421 from $301, driven by critical developments in regulations and product rollouts. He reaffirmed his 'buy' rating, influenced by revenue expansion potential. Cantor Fitzgerald also boosted their target, recognizing Coinbase's shift from a cyclical platform to a vital crypto infrastructure layer. Palmer anticipates regulatory moves, such as the GENIUS Act for stablecoin legality, and new USDC payment platforms, fueling long-term growth. Potential staking volume increases and tokenized equity offerings are also on the horizon. With these transformations, Coinbase remains central in the evolving crypto scene and is set to expand across the EU with its MiCA license.
FAQ
❓ Why did Benchmark increase Coinbase's price target?
Benchmark cited significant regulatory developments and product launches as transformational catalysts for the price increase.
❓ What is the GENIUS Act?
The GENIUS Act aims to create a legal framework for stablecoins, which might benefit Coinbase through its partnership with Circle.
❓ What impact could tokenized equities have on Coinbase?
Tokenized equities, if approved, could revolutionize market participation and position Coinbase as a competitor to traditional brokerages.