COIN

Coinbase Stock

Kamala Harris

Million

Citi has upgraded its Coinbase stock rating from “neutral” to “buy” on an improving regulatory outlook in the US and raised its price target by almost 33% to $345.
Citi attributed the higher stock rating to a shift in the US election landscape as presidential candidates compete to win the crypto vote, and after the US Supreme Court overturned the so-called Chevron precedent.
The stock rose 1.6% in pre-market trading to change hands for $259.29 as of 9:20 a.m. EST. Citi’s previous price target for COIN was $260.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$COIN</a> upgraded to BUY at CITI
 "Shifts in the U.S. Election landscape and the Supreme Court’s overturning of the long-standing Chevron precedent has changed our view on Coinbase’s regulatory risks."
 Raises target price 33% to $345 <a href="https://t.co/CoMbCTFbK8" rel="noopener noreferrer nofollow">pic.twitter.com/CoMbCTFbK8</a>
 — matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1815714141056684291?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Former US President Donald Trump, who vows to become ”crypto president” if he retakes the White House, is set to speak at the Bitcoin 2024 Conference this week, where he is expected to reaffirm his support for the crypto industry.
Democratic Party presidential contender Kamala Harris is also <a href="https://x.com/BitcoinMagazine/status/1815854792066875531" target="_blank" rel="noopener noreferrer nofollow">in talks</a> to attend the conference.
Citi believes Coinbase, the largest crypto exchange in the US, is poised to benefit from a friendlier crypto regulatory framework after the November elections.
Besides the “potential US crypto catchup,” COIN stock could also rally on higher on-chain activity and liquidity.
<h2 id="chevron-ruling-adds-weight-to-coinbase-legal-defense">Chevron Ruling Adds Weight to Coinbase Legal Defense</h2>
Citi also said that Coinbase was better positioned to defend against a lawsuit filed by the US Securities and Exchange Commission (SEC) after the Supreme Court <a href="https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf" target="_blank" rel="noopener noreferrer nofollow">overturned</a>&nbsp;the Chevron precedent.
Last month’s Supreme Court ruling limited the powers of federal regulators like the SEC. Overturning Chevron strips the SEC’s authority to regulate through enforcement, a practice largely seen in the crypto industry, it said.
The SEC sued Coinbase last year, and in its defense the exchange has argued that the regulator was overstepping its authority.
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Citi Sees 33% Upside For Coinbase Stock On Improving US Regulatory Environment

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