COIN Price Prediction: Coinbase Global Inc stock gains on a new buy rating from a major bank

   2021-05-25 11:05

  • NASDAQ:COIN added 0.42% on Monday as tech stocks rebounded from a choppy week.
  • Goldman Sachs initiates coverage on Coinbase with a buy rating and a generous price target.
  • Bitcoin and Ethereum rebound as crypto markets begin to recover from a bloody weekend.

NASDAQ:COIN investors who were left holding the bag after its much anticipated Wall Street debut in mid-April, may finally be receiving some positive news. Monday saw Coinbase gain 0.42% to close the trading session at $225.30, despite hitting an intraday high of $231.00. Shares of the global crypto exchange company are still down over 30% from its first day of trading when the stock hit $429.54, although for now Coinbase seems to have found a bottom. 

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The positive news comes in the form of Goldman Sachs initiating coverage on Coinbase with a buy rating and new price target of $306, or about 35% higher than Monday’s closing price. This news comes on the same day that the iconic investment firm formally announced that it now considers Bitcoin as an official asset class. It also comes just weeks after Goldman Sachs announced a new crypto trading team amongst its investing arm, as large-scale institutional demand for cryptos continues to surge. 

COIN stock forecast

Coinbase had been hit as a sympathy to the recent cryptocurrency correction that has taken place over the past few weeks. Benchmark cryptos Bitcoin and Ethreum were both down over 40% from recent all-time highs, and other coins like Ripple (XRP), Cardano (ADA), and even meme coin Doge (DOGE) were all beaten down as well. The correction came following a serious restriction on cryptocurrency mining and use in China, as well as Tesla (NASDAQ:TSLA) CEO Elon Musk backtracking on the company’s dedication to Bitcoin as a payment option. 


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