Coinbase Global (Coin) shares rose 16.8% after Monness Crespi & Hardt upgraded shares

Coinbase Global, Inc. (NASDAQ:COIN) shares rose 16.8% on Tuesday as Monness Crespi & Hardt lifted the stock's rating from neutral to buy.

Coinbase Global (NASDAQ:COIN) shares rose 16.8% on Tuesday after Monness Crespi & Hardt lifted the stock from a neutral rating to a buy rating. Monness Crespi & Hardt currently sets a target price for the stock at $300.00.

Coinbase Global (NASDAQ:COIN) stock rose 16.8% in trading on Tuesday after Monness Crespi & Hardt lifted the stock from a neutral rating to a buy rating and set a target price of $300.00. The new target price shows a 23.0% upward potential.

Benchmark recently released a report rating Coinbase Global's stock as a "buy" and set a price target of $252.00. The report highlights Coinbase’s potential for strong brand awareness and market share growth in the fast-growing cryptocurrency market.

Canaccord Genuity Group reiterated its "buy" rating in its research report on Friday, May 9 and set a target price of $400.00 for Coinbase Global stock. Analysts at the company believe Coinbase can benefit from the growing adoption of cryptocurrencies by retail and institutional investors.

Oppenheimer lowered its target price for Coinbase Global stock from $279.00 to $269.00 in a research report on Friday, May 9, and maintained its "outperform" rating. The downgrade is a slight adjustment to the company's earnings expectations.

Barclays raised Coinbase Global's target price from $169.00 to $202.00 in a research report on Monday, and gave the company a "equal weight" rating. The company's analysts are optimistic about Coinbase's revenue growth potential, especially as the cryptocurrency industry grows.

Additionally, Needham & Company LLC lowered Coinbase Global’s target price from $330.00 to $270.00 in a research report on Monday and maintained a “buy” rating on the stock. The new target price indicates that there is still room for further upward judging from the current market price.

Ten stock research analysts rated the stock as hold, and nine released a buy rating, with one giving a strong buy rating. According to MarketBeat.com, the company has a consensus rating of "Medium Buy" with an average target price of $262.75.

Coinbase Global (NASDAQ:COIN) provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company provides consumers with major financial accounts in the crypto economy; it also provides institutions with a liquid market for trading crypto assets.

Coinbase Global (NASDAQ:COIN) released its quarterly earnings results on Thursday, May 8. The cryptocurrency exchange reported earnings per share for the quarter at $1.94, which failed to meet analyst consensus estimates of $0.24. The company's quarterly revenue reached $2.03 billion, well below analysts' estimate of $2.22 billion.

Coinbase Global has a net profit margin of 39.34% and a return on equity of 20.64%. The company's revenue increased by 24.2% year-on-year. In the same quarter of the previous year, the business reported revenue of $2.53.

On average, equity research analysts predict that Coinbase Global, Inc will post earnings per share of 7.22 this year.

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