Key Takeaways:
- Citi Group analysts upgraded Coinbase shares from “neutral” to “buy,” citing favorable political shifts and increased revenues.
- Improved regulatory landscape due to former President Trump’s pro-crypto stance, including promises to end current administration policies, ban CBDCs, and protect Bitcoin miners.
- Growing user numbers on Coinbase’s layer-2 network Base and potential revenue from spot Ether ETFs are positive developments.
Citi Group analysts have upgraded Coinbase shares from “neutral” to “buy,” citing favorable political shifts and increasing revenues as bullish factors.
A July 23 investor note highlighted the improved regulatory landscape, influenced by former President Donald Trump’s pro-crypto election campaign.
Citi Research now rates Coinbase stock a “buy” after a Supreme Court ruling and the election call the SEC's authority into question.
— Decrypt (@decryptmedia) July 24, 2024
Read more: https://t.co/Yuu2p0jVOn
Trump’s stance promises to end current administration policies on crypto, ban CBDCs, and protect Bitcoin miners.
Despite SEC enforcement actions, analysts believe the Supreme Court’s decision to overturn the Chevron Defence Doctrine, which limits agency interpretation of laws, could benefit Coinbase.
$COIN Coinbase Raised at Citi on Improving Regulatory Environment
— Christian Fromhertz 🇺🇸 (@cfromhertz) July 23, 2024
Raises price target to $345 from $260 pic.twitter.com/XLnqnTASy6
Additionally, growing user numbers on Coinbase’s layer-2 network Base and potential revenue from spot Ether ETFs are seen as positive developments.
Citi’s new price target for Coinbase is $345, up from $260.
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