United

Coinbase Stock

April

Planet

USDC

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 Investment bank and broker-dealer, Keefe, Bruyette &amp; Woods (KBW), has revised its current price projection for <a style="color: #0000ff;" href="https://defi-planet.com/directory/coinbase/" rel="noopener noreferrer nofollow">Coinbase’s</a> stock by over 40%.&nbsp;
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In its latest research report, the bank raised its year-end price target for the American crypto exchange from $160 to $230 while maintaining its market-performing rating. KBW highlighted Coinbase’s unique exposure to the long-term growth of the crypto economy as a key factor behind the adjustment.
The adjustment follows Coinbase’s stock closing at $245.84, marking a year-to-date growth of more than 40%, <a style="color: #0000ff;" href="https://seekingalpha.com/symbol/COIN/news" rel="noopener noreferrer nofollow">according to data from Seeking Alpha</a>. KBW attributed this growth to several factors, including a 32% increase in the outstanding balance of USD Coin (USDC) during the first quarter of 2024. Notably, USDC stablecoin is issued by Circle, a Coinbase-backed crypto firm, and Coinbase earns gross interest income on approximately 56% of USDC’s outstanding balances.
Additionally, the surge in trading volume has significantly influenced Coinbase’s stock price. The exchange’s average daily volume (ADV) for March reached $5.1 billion, substantially higher than February’s $2.4 billion, according to KBW findings.
Despite these positive indicators, Coinbase faces ongoing legal challenges, notably from the United States Securities and Exchange Commission (SEC). The current regulatory uncertainty presents a barrier for institutional investors considering the purchase of Coinbase stock, KBW noted.
Last year, the SEC <a style="color: #0000ff;" href="https://defi-planet.com/2023/06/us-sec-accuses-coinbase-of-operating-as-unregistered-securities-broker-exchange-and-clearing-agency-in-fresh-lawsuit/" rel="noopener noreferrer nofollow">accused </a>Coinbase of operating an unlicensed securities exchange, and the lawsuit has intensified over time. In a recent development, US Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York <a style="color: #0000ff;" href="https://www.reuters.com/technology/coinbase-must-face-us-securities-regulators-lawsuit-2024-03-27/" rel="noopener noreferrer nofollow">dismissed </a><a style="color: #0000ff;" href="https://defi-planet.com/2023/08/coinbase-files-motion-to-dismiss-sec-lawsuit-cites-regulatory-overreach/" rel="noopener noreferrer nofollow">Coinbase’s motion</a> to dismiss the SEC’s suit. This decision moves the case forward, with an April 19 deadline for both parties to settle on a case scheduling plan, as reported by Reuters.
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The post <a href="https://defi-planet.com/2024/04/kbw-raises-its-coinbase-stock-price-projection-by-over-40-sets-new-target-at-230/" rel="noopener noreferrer nofollow">KBW Raises its Coinbase Stock Price Projection by Over 40%, Sets New Target at $230</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

KBW Raises its Coinbase Stock Price Projection by Over 40%, Sets New Target at $230

DeFi Planet

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