$COIN Stock Rips Higher After JPMorgan Ups Price Target

  • Post category:Stock Trading
  • Reading time:3 mins read
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COIN stock ripped higher on October 25, 2021, a day after JPMorgan raised its price target.

JPMorgan ups COIN stock target to $375 on pickup in trading activity

On October 22, 2021, JPMorgan analyst Kenneth Worthington raised the firm’s price target on COIN stock to $375 from $372 and kept an Overweight rating on the shares. It was a solid quarter for Coinbase from a trading activity perspective, albeit “considerably less active” than Q2, Worthington tells investors in a research note. While July was particularly slow, activity levels picked up in August and further in September, says the analyst.

COIN stock price target raised to $300 from $220 at Mizuho

On October 21, 2021, Mizuho analyst Dan Dolev raised the firm’s price target on COIN stock to $300 from $220 and reiterates a Neutral rating on the shares. The analyst increased revenue estimates to reflect higher bitcoin prices and rising volatility. He also sees early signs of bitcoin market share gains in October for Coinbase following multiple quarters of share losses. However, Dolev continues to believe the company’s “over-reliance” on trading commissions makes it vulnerable to long-term take rate compression “as competition mounts and free trading alternatives proliferate.”

Coinbase chosen by Facebook as custody partner for Novi pilot

On October 19, 2021, the news was released that Facebook (FB) has chosen Coinbase (COIN) as its custody partner for its pilot of Novi, a new digital wallet that enables people to send and receive money “abroad instantly, securely, and with no fees,” Coinbase said in a blog post. For the pilot, Coinbase is supporting Novi via Coinbase Custody, which it says “keeps user funds secure with our proprietary, fully segregated cold storage capability for managing private keys.” Novi users who can participate in the pilot can acquire Pax Dollar through their Novi account, which Novi will hold on deposit with Coinbase Custody. Novi users will then be able to transfer USDP between each other instantaneously. Source: https://blog.coinbase.com/coinbase-to-power-crypto-custody-for-facebooks-novi-90dc8d3f5830

COIN Stock Technical Analysis

Although COIN has an excellent technical rating, it does not present a decent entry opportunity at the moment. Prices have been extended to the upside lately. For a nice entry it is better to wait for a consolidation. Click Here to sign up for email alerts on when COIN stock presents a good entry opportunity.

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