Bank of America Upgrades Coinbase Rating to Neutral, Raises Price Target to $217

Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to $217 from $110, reflecting a positive outlook for the cryptocurrency exchange. Following the announcement, the COIN price rose 2.5% in the pre-market and is up 4.23% for the day. Bank of America’s decision to upgrade Coinbase is based on several factors. Coinbase shares had declined over 9% the previous day following reports that the Chicago Mercantile Exchange (CME) might enter the spot bitcoin trading market. Aside from BAC, investment banking firm KBW has also increased its Coinbase price target.

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