Wall Street Raised Coinbase and Strategy (MSTR) Targets. Only One Leaves Real Upside
Two Wall Street banks lifted their crypto stock targets on Tuesday. Goldman Sachs raised its figure on Coinbase (COIN) stock, while Canaccord Genuity did the same for Strategy (MSTR). Both kept Buy ratings.
The calls followed a run of steep gains across crypto-linked equities. Both stocks pushed higher as a broader market rally picked up speed last week.
Goldman Points to Derivatives and Prediction Markets
The bank lifted the COIN price target to $196 from $173. This works out to a roughly 13% increase. Goldman framed the case around two separate drivers rather than one.
"Buy-rated COIN offers upside optionality from any persistent improvement in the crypto backdrop, and continues to see strong idiosyncratic growth in newer businesses (including derivatives and prediction markets)," the bank said.
The stock closed at $187.16 on Tuesday, up 4.28%. This leaves the new target only about 5% above COIN's current trading price. Goldman had carried a $235 target on COIN back in March before trimming it.
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