End of bearish stance! Goldman Sachs raises Coinbase (COIN.US) rating to "Neutral" with a target price of $282.

Following Bitcoin breaking historic highs and daily trading volume reaching the highest level since 2021, Goldman Sachs suspended its bearish stance on cryptocurrency exchange Coinbase (COIN.US) in a report last Thursday. The rating on the stock was upgraded from "sell" to "neutral," while the target price was raised from $170 to $282. Goldman Sachs analyst Will Nance stated, "While we still see limited use cases for cryptocurrencies at present, the 'beta' of price movements far outpaces the 'alpha' of accelerating retail adoption over time." Data shows that Coinbase has surged nearly 48% year-to-date. Goldman Sachs attributed Coinbase's rise this year to the significant increase in cryptocurrency prices and the company's commitment to achieving more stable profitability over time. With Bitcoin hitting new highs, Coinbase's daily trading volume reached the highest level since 2021, ranging from $3 billion to $5 billion. Goldman Sachs analysis indicates that this increase was largely driven by an increase in retail participation. The bank added that Coinbase has benefited from "price increases on the trading platform, maintaining market share, recommitting to stronger cost controls and profitability across all market environments, and the tailwind of higher interest rates."