Analysts Set $450 Price Target for Coinbase Stock After Strong Q1 Earnings
Coinbase recently announced strong first-quarter earnings for FY24, surpassing Wall Street's expectations by over 400%.
Despite an initial 8% surge in stock value before the earnings call, after-hours trading saw a 3% decline post-announcement.
Analysts have set a peak target of $450 for Coinbase stock, with a consensus advising investors to ‘hold.’ While 10 analysts rate it as a ‘buy’ and only 3 as ‘sell,’ none consider it ‘overweight,’ suggesting perceived undervaluation.
Market volatility pre-FOMC meeting led to a drop in stock value below $200, but year-to-date, COIN has surged by 46%, attributed to the Spot Bitcoin ETF launch and bullish crypto market.
Some analysts foresee a long-term target of $1,000 per share, attributing potential growth to Coinbase’s significant holdings in Bitcoin Spot ETFs and custodianship of 1 million BTC for institutional investors.
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Before earnings, COIN stock surged by 8.33%, closing at $228.85. However, post-earnings, a significant after-hours decline ensued, continuing into Friday’s pre-market session.
Currently, COIN is trading at $220.82 in pre-market, hinting at a potential gap down at the opening. Despite this, recent rallies have offset April losses, with a monthly drop of around 9%.
In the past 6 months, COIN has seen a remarkable 166% increase in stock value. Several stock analysis firms, including JP Morgan and Goldman Sachs, have upgraded their ratings, with Zacks Investment Research giving Coinbase a ‘Strong Buy’ rating.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
