Coinbase Becomes First Pure-Play Crypto Stock In S&P 500, Analyst Sees Major Institutional Upside

Rosenblatt analyst Chris Brendler maintained Coinbase Global Inc (NASDAQ:COIN) with a Buy and raised the price target from $260 to $300 on Wednesday.

Coinbase shares are up 30% over the past week versus a 6% move in Bitcoin and 5% in the S&P 500 Index after the news was announced about the company joining on May 19.

Although first-quarter earnings were solid given market conditions, the catalysts for the move are much more about the addition to the S&P 500 as the stock was up 24% Monday in the wake of the announcement after the market close on Tuesday.

Also Read: Coinbase’s Subscription Gains, Deribit Acquisition, Blockchain Revenue Strength Prompt Analyst Support

While it’s not uncommon to see stocks rise on this type of news, …

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