Citi Boosts Coinbase Stock Price Target, Rates COIN a ‘Buy’
Despite the growing number of SEC enforcement actions against crypto firms, including Coinbase, Citi analysts said the “balance of power” has now skewed in favor of Coinbase and digital asset firms
Investment bank Citi has increased its share price target for crypto exchange Coinbase, citing a “shifting” political landscape and a recent Supreme Court decision in the United States as bullish catalysts for the stock.
In a July 23 investor note viewed by Cointelegraph, Citi analysts Peter Christiansen, David Wieloszynski, and Nicolette Radomski upgraded their guidance on Coinbase (COIN) from “neutral” at $260 to a “buy” with a target of $345 in the coming months.
The investment bank cited the recent spate of developments in the United States election race as a reason for optimism, saying it was bringing about an “improving regulatory landscape” for crypto assets.
Former president and Republican nominee Donald Trump has made Bitcoin and crypto a key element of his election campaign, vowing to end the Biden administration’s “war on crypto,” ban CBDC, and expand protections for US-based Bitcoin miners.
Despite the growing number of SEC enforcement actions against crypto firms, including Coinbase, Citi analysts said the “balance of power” has now skewed in favor of Coinbase and digital asset firms.
