Shares of Coinbase (COIN) are rising after multiple reports that they have been upgraded to ‘outperform’ by a prominent investment broker and bank.
According to a new report from Yahoo Finance, financial services firm Oppenheimer expects shares of the top US crypto exchange platform to exceed expectations and reach a price tag of $160.
In an accompanying research note, Owen Lau, the analyst who made the forecast, says one reason the stock will perform well is because Coinbase will either prevail in the U.S. Securities and Exchange Commission (SEC) lawsuit against it, or that the court will reject it. .
Additionally, Lau says interest rate hikes, the upcoming Bitcoin (BTC) halving in April, and further adoption of digital assets will all help COIN rise.
As Lau states in the letter, according to MarketWatch:
“We believe that Coinbase can prevail in the lawsuit, and it is likely that the court will dismiss this complaint in whole or in part…
We believe that a rate cut, halving and further adoption can improve COIN’s top and bottom lines over the next two years.”
The SEC originally sued Coinbase in June 2023, claiming the crypto exchange was selling unregistered securities. At the time, the SEC claimed that digital assets offered on the platform fell within the scope of its jurisdiction.
Earlier this year, a Bloomberg analyst predicted a 70% chance that Coinbase would win a motion to dismiss the lawsuit.
COIN is trading at $126 at the time of writing, up 3.83% over the past 24 hours. A rise to Lau’s level would represent a 27.5% increase from the current share price.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on TweetFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
