Coinbase (COIN) recently reported strong first quarter earnings for FY24, surpassing the Wall Street EPS estimate by over 400%. The COIN stock jumped over 8% ahead of the earnings call. However, the after market hours showed a different picture with a 3% decline despite the robust earnings report.<\/p>\n
Will Coinbase Stock Attain The Peak Target Of $450?<\/h2>\n
The peak rating for Coinbase stock<\/a>\u00a0by analysts is $450. Currently, analysts are bullish on the COIN stock performance after the impressive Q1 earnings report. According to MarketWatch, consensus analysts advise investors to \u2018hold\u2019 the Coinbase stock, indicating a potential upside this year with the inherent risk factor in play<\/p>\n On the other hand, 10 analysts have offered a \u2018buy\u2019 rating while only 3 provided a \u2018sell\u2019 rating. Moreover, the Wall Street analysts perceive the Coinbase stock as undervalued or underweight since none of them have deemed it as \u2018overweight.\u2019<\/p>\n This suggests that the Coinbase stock is poised for a bullish run before it attains a fair value. As of yet, the Coinbase stock price is way lower than the average target price of $240.78, setting the stage for an uptick. However, analysts have offered a target of $110 for the COIN stock on the low side, hence, the risk isn\u2019t completely erased.<\/p>\n Earlier, ahead of the May 1 FOMC meeting, the Coinbase stock value plunged below $200, clocking a monthly decline of about 20% fuelled by the crypto market correction. On the contrary, the stock has surged nearly 46% year-to-date owing to the increased investor confidence due to the Spot Bitcoin ETF<\/a> launch and the crypto bull run.<\/p>\n Also Read:\u00a0Breaking: Coinbase Q1 Revenue Doubles To $1.58B<\/a><\/strong><\/p>\n Therefore, analysts also stated that a $1,000 per share target is also achievable in the long run. Seth, an economist who provides stocks and crypto insights on X, offered a bullish outlook on the Coinbase stock. He noted that a $1,000 target for COIN is not even that bullish as it seems quite attainable.<\/p>\n The economist cited the launch of Spot Bitcoin ETFs as the biggest reason for the impending rally. He noted that \u201c90% of all Bitcoin Spot ETF are held by Coinbase,\u201d which is positive for the crypto exchange\u2019s stock value. In addition, he highlighted that the CEX holds 1 million BTC as a custodian for renowned institutional investors, including ETF issuers.<\/p>\n Ahead of the latest earnings report, the COIN stock<\/a> surged 8.33% and closed at $228.85 on Thursday, May 2. However, after the earnings call, the market wasn\u2019t satisfied with the overall report and the stock lost significant value in the after hours, which continued in Friday\u2019s pre-market session.<\/p>\n The Coinbase stock lost 3.51% and traded at $220.82 at the time of writing in the pre-market session. Hence, there are chances that the stock could open at a gap down on Friday. However, the latest rally erased significant losses recorded in April as the monthly drop now stands at around 9%.<\/p>\n Moreover, in the past 6 months, the crypto exchange witnessed its stock gain over 166% from a price of around $85. Thereafter, several stock analysis firms upgraded the COIN stock rating. This includes well-established firms like JP Morgan and Goldman Sachs. Furthermore, Zacks Investment Research analysts have offered a \u2018Strong Buy\u2019 rating for Coinbase due to its phenomenal performance lately and the optimistic future trajectory.<\/p>\n Also Read:\u00a0Coinbase Talks About SEC Lawsuits and Political Donations In Investor Letter<\/a><\/strong><\/p>\n \u2713 Share:<\/p>\nAnalyst Offers $1,000 Target<\/h3>\n
COIN Stock Performance<\/h2>\n
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