The cryptocurrency stock has surged this year.
Analysts at JMP Securities firmed up their view of cryptocurrency exchange Coinbase (COIN -5.46%) on Tuesday, noting now there is less room for error for the company. Nevertheless, JMP Securities maintained its “outperform” rating and boosted its price target to $320. That new price target represents potential upside of 25% from the stock’s Apr. 8 closing price.
Riding Bitcoin higher
Shares of Coinbase have surged this year as Bitcoin has rallied nearly 70% so far in 2024.
Coinbase has also made legitimate progress in reducing its costs, a necessity as cryptocurrency trading volumes dried up during the last crash. The company has also expanded its sources of revenue beyond transaction fees.
The company’s latest results put this progress on display. While revenue was down slightly in 2023, adjusted EBITDA surged into positive territory, and the company even reported a small net profit….
