What Happened?
Shares of blockchain infrastructure company Coinbase (NASDAQ: COIN) jumped 8.7% in the afternoon session after JPMorgan upgraded the stock's rating and raised its price target.
The investment bank lifted its rating on Coinbase from “Neutral” to “Overweight.” Analyst Kenneth Worthington also increased the price target on the shares to $404 from a previous target of $342. The upgrade was based on what JPMorgan saw as new opportunities for the company to make money and an attractive valuation compared to its peers in the cryptocurrency space. The move also came as the broader crypto market showed signs of strength, with assets like Bitcoin and Ethereum also posting gains.
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What Is The Market Telling Us
Coinbase’s shares are extremely volatile and have had 56 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 2 days ago when the stock dropped 6.7% on the news that a broad decline in the cryptocurrency market, led by a drop in the price of Bitcoin. The price of Bitcoin retreated to around $108,000 from nearly $112,000, pulling down several crypto-linked stocks. This downturn extended a period of volatility for digital assets, with some traders still absorbing the effects of a recent "flash crash" that caused massive liquidations. The drop also came after some investors took profits following a brief rally. A wider sense of caution affected the markets, as investors showed less appetite for assets perceived as risky. This shift appeared driven by renewed geopolitical tensions and economic uncertainty, contributing to the negative sentiment around cryptocurrencies.
Coinbase is up 35.9% since the beginning of the year, but at $349.44 per share, it is still trading 16.8% below its 52-week high of $419.78 from July 2025. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $1,064.
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