10 Stocks Analysts Are Upgrading Today

5. Coinbase Global, Inc. (NASDAQ:COIN)

Stock Upgrade: Neutral to Buy

Stock Price Target: $300

Stock Upside Potential as of May 13: 17.18%

Coinbase Global, Inc. (NASDAQ:COIN) is a financial services company that operates a cryptocurrency exchange and manages digital assets. It offers consumers the primary financial account in the crypto economy, a brokerage platform with a liquidity pool across the crypto marketplace for institutions. On May 13, Monness, Crespi, Hardt & Co., Inc. upgraded the stock to a ‘Buy’ from a ‘Neutral’ and reiterated a $300 price target.

With the upgrade, the firm insists that Coinbase Global, Inc.’s (NASDAQ:COIN) Q2 guidance of $600 million to $680 million in subscription and services revenue is conservative. The firm is optimistic that the company will generate more revenues given the strength of the underlying assets, especially Ethereum and Solana.

The upgrade also comes on Coinbase Global, Inc. (NASDAQ:COIN), receiving its biggest validation following its inclusion into the S&P 500. With the inclusion, it became the first crypto company to join the index, affirming the integration of cryptocurrencies and traditional finance. The inclusion is expected to be a significant catalyst given the heightened institutional demand and support that the stock is likely to receive.

“There’s some validation here. We have Coinbase’s inclusion in the S&P reinforces the idea that crypto isn’t just a niche market,” said Kristin Smith, who heads the crypto advocacy group Blockchain Association.