- NASDAQ:COIN adds 7.59% on Tuesday during a choppy day for the broader markets.
- Coinbase gets another upgrade as well as a bearish warning.
- The crypto markets remain fragile as Bitcoin meets some resistance.
NASDAQ:COIN extended its rebound on Tuesday even as the broader crypto prices remained unsettled, which may be a signal that investors are beginning to separate the two markets. Shares of Coinbase gained 7.59% on Tuesday, to close the trading session at $242.41. Shares are still down nearly 30% since the first day of trading in mid-April, as the stock continues to try to gain traction amongst both retail and institutional investors. Coinbase has now rebounded by 10% over the past week, as the popular crypto exchange seems to have finally found a post-IPO support level.
Earlier in the week Goldman Sachs initiated coverage of Coinbase, and issued a price target of $306 per share. Now, JPMorgan has joined in the fun with a rating of overweight and a very generous price target of $371, which represents a 53% upside from Tuesday’s closing price. The two bullish outlooks from these behemoths in the banking industry seemed to be enough to convince investors that the stock is currently trading at a discount. There was one bearish warning from Japanese mega bank Mizuho, which is forecasting an extended crypto winter it thinks could affect Coinbase for the rest of this year. Mizuho decreased its price target on Coinbase from $315 down to $225.
COIN stock forecast
Even though the crypto markets rebounded over the last couple of days, many analysts are warning that prices have yet to stabilize. If this is true, it does align with Mizhuo’s warning about continued volatility for cryptocurrencies like Bitcoin and Ethereum, and Coinbase and crypto investors may still experience some turbulence ahead.