Several Wall Street analysts have raised their price targets on Coinbase Global (COIN) stock hours before the cryptocurrency exchange is due to report its quarterly earnings after the close of trading on Feb. 13. H.C. Wainwright lifted its target to $330, while Citigroup increased its target to $350, both maintaining a Buy rating.
The analysts attribute strong tailwinds for crypto trading and favorable legislation under President Trump’s administration as reasons for their bullish outlook. However, COIN stock has declined about 15% since hitting a 52-week high last year and is up only 7% today ahead of the earnings report.
As of now, there is a consensus Moderate Buy rating among 16 Wall Street analysts, with an average price target of $317.64 implying an 8.46% upside from current levels. The Q4 earnings results will be crucial in determining whether COIN stock is a buy or sell at this point.
Source: https://www.tipranks.com/news/analysts-raise-price-targets-on-coinbase-global-coin-stock-ahead-of-earnings