Coinbase rallies 8% after Goldman Sachs upgrades stock to ‘buy’
Goldman Sachs highlighted crypto firms building infrastructure over trading desks, seeing steady growth in tokenization and prediction markets.
Coinbase shares spiked 8% after Goldman Sachs upgraded COIN from “neutral” to “buy” as it upped its 12-month price target on its growing diversification.
In a report on Monday, Goldman Sachs analyst James Yaro said the bank has “selective optimism” about US brokers and “structurally growing crypto infrastructure businesses” such as Coinbase.
The firm upgraded COIN to “buy” and also raised its 12-month price target from $294 to $303 per share. COIN closed the day with an 8% gain, sitting at $254.92 at the time of writing, with minimal action in after-hours markets.