Why Coinbase Stock Popped Today
Shares of Coinbase Global (NASDAQ: COIN), a cryptocurrency exchange company, were rising this morning just a day after an analyst cut his price target for the stock. Today's jump likely comes as investors process comments made by the analyst, namely that the bear case for Coinbase's stock is "way overblown."
The crypto stock is up by 3.7% as of 10:50 a.m. ET.
Yesterday, Oppenheimer analyst Owen Lau cut his price target for Coinbase's stock from $377 down to $314. That caused the company's share price to tumble initially, but today, investors appear to be latching on to the positive comments Lau made in his research note.
Source Fool.com
