- JPMorgan Chase upgraded COIN from an “underperform” rating to a “neutral” rating.
- The price of these shares rose from $115 to $170 in February.
Bank JPMorgan Chase raised its rating on shares of the exchange Coinbase to “neutral” with a target price of $80. This is reported by CoinDesk with reference to the report of experts.
The organization noted that they are not ready to recommend investments on this position, but should note the changes in the market:
“We recognize the impact of the enthusiasm and, as a consequence, activity, and volumes that spot bitcoin-ETFs have contributed to the cryptocurrency ecosystem, contributing to the completion of the cryptozyme”, – stated in the report.
As a reminder, on February 13, 2024, net capital inflows into spot bitcoin-ETFs set a new all-time high at $631.23 million.
In January 2024, JPMorgan Chase downgraded these stocks to “below average”. In 2023, the gain in this position was about 400%, causing the uptrend to dry up, experts thought.
At the beginning of 2024, the stock did drop in price, from $165 to $120. However, the trend reversed in February. As of this writing, COIN is trading at $170.58, according to TradingView:
Prior to that, on February 14, 2024, Ark Invest sold some COIN shares for the first time since January, which can also be seen as an indicator of a change in this market.
