Coinbase (COIN) Stock Climbs With Bitcoin, Needham Reiterates Buy Rating

Bitcoin is up more than 4% over the past 24 hours and trading above $66,000 according to data from Benzinga Pro.

Coinbase Global, Inc. (NASDAQ:COIN) shares are rising Friday morning as the price of Bitcoin (CRYPTO:BTC) continues to climb.

What Happened: Bitcoin is up more than 4% over the past 24 hours and trading above $66,000. Coinbase shares are climbing with Bitcoin, despite the broader markets falling Friday.

Needham analyst John Todaro reiterated a Buy rating and $260 price target on Coinbase stock Friday.

Coinbase is set to report its second-quarter results on Aug. 1 after the closing bell. According to estimates from Benzinga Pro, analysts expect Coinbase to report earnings of 96 cents per share and quarterly revenue of $1.411 billion. The company has beat analysts' expectations in each of the last five quarters.

Coinbase shares are trading above the stock’s 50-day moving average of $228.65 and are approaching its 52-week high of $283.48.

COIN Stock Analysis

When trying to assess whether or not Coinbase Global will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $256.81 on Coinbase. The Street high target is currently at $320 and the Street low target is $196. Of all the analysts covering Coinbase, 9 have positive ratings, 5 have neutral ratings and 2 have negative ratings.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase Global have performed in recent history.

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