Goldman Sachs raised its price target for Coinbase Global (COIN) to $196 from $173. The bank reiterated its buy rating on the cryptocurrency exchange. The updated target suggests a 9.2% upside from the previous close.
Bitcoin is rallying on signals of a crypto-friendly legislative framework from the White House. Analysts highlighted Coinbase’s strategy to diversify revenue beyond transaction fees.
The company is focusing on subscription and services revenue to build a more resilient business model. This shift aims to mitigate risks associated with cryptocurrency market volatility.