Shares of Coinbase Global (COIN) Rose 16.8% After Monness Crespi & Hardt Upgraded the Stock

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 16.8% on Tuesday after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating

Shares of Coinbase Global (NASDAQ:COIN) rose 16.8% after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating. Monness Crespi & Hardt now has a $300.00 price target on the stock.

Coinbase Global (NASDAQ:COIN) shares are trading up 16.8% in Tuesday's session after Monness Crespi & Hardt upgraded the stock from a neutral rating to a buy rating and issued a price target of $300.00. The firm's new price objective indicates an upside potential of 23.0%.

The upgrade follows a recent report by Benchmark, who initiated coverage on shares of Coinbase Global with a "buy" rating and a price target of $252.00. The report highlights Coinbase's strong brand recognition and potential for market share gains in the rapidly growing cryptocurrency market.

Canaccord Genuity Group also reaffirmed a "buy" rating and issued a price objective of $400.00 on shares of Coinbase Global in a research note on Friday, May 9th. The firm's analysts believe that Coinbase is well-positioned to benefit from the increasing adoption of cryptocurrency by both retail and institutional investors.

Oppenheimer downgraded their target price on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. The downgrade follows a slight revision to their earnings estimates for the company.

In a research note on Monday, Barclays lifted their price target on Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating. The firm's analysts are optimistic about Coinbase's potential for revenue growth, especially as the cryptocurrency industry continues to develop.

Furthermore, Needham & Company LLC reduced their price target on Coinbase Global from $330.00 to $270.00 and maintained a "buy" rating on the stock in a research report on Monday. The new price objective suggests a potential for further upside from the current market price.

Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $262.75.

Coinbase Global (NASDAQ:COIN) provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, which missed the analysts' consensus estimates by $0.24. The company's revenue for the quarter reached $2.03 billion, falling short of the analysts' estimates of $2.22 billion.

Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The company's revenue showed a year-over-year increase of 24.2%. During the same quarter in the previous year, the business reported earnings of $2.53 EPS.

On average, equities research analysts predict that Coinbase Global, Inc will post earnings of 7.22 EPS for the current year.