Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Thursday after JP Morgan upgraded the stock from Underweight to Neutral and announced an $80 price target.
The Details:
J.P. Morgan analyst Kenneth Worthington pointed to the “significant price appreciation” of both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) leading to an improvement in Coinbase’s earnings power. However, the J.P. Morgan analyst expressed some concern regarding the new spot Bitcoin ETFs as potential competition to Coinbase Global and a risk to its stock price.
Coinbase shares have gained 25% in the past five days amid a rally in the price of Bitcoin. Investors are looking to the Bitcoin halving event, expected in April, as the next catalyst for the cryptocurrency.
Coinbase Global is set to report its fourth-quarter financial results Thursday after the market close and will host a conference call to discuss the results at 5:30 p.m. ET. According to estimates from Benzinga Pro, the company is expected to report a loss of 1 cent per share and quarterly revenue of $822.364 million.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 3.55% at $166.08 at the time of publication.
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