Consensus Analyst Rating: Buy
Average Analyst Target: $72
Coinbase Stock Forecast:
Coinbase Global Inc, the major cryptocurrency exchange, has received an average target price of USD 72.56 from 21 analysts over the next 12 months. This target price reflects a bullish outlook for the company’s stock, with an average analyst rating of “Buy.” Stock Target Advisor’s own analysis of Coinbase’s stock is slightly bullish, based on a combination of 6 positive signals and 4 negative signals.
Over the past week, Coinbase’s stock price has increased by +15.89%, though it has declined by -20.91% over the past month and -84.93% over the past year. Despite this overall downward trend, the company’s future outlook as indicated by analysts’ target prices remains positive. It is worth noting that stock price forecasts are not always accurate and may be subject to change based on various factors affecting a company’s performance.
Analyst Coverage Change on COIN Stock:
In a Research Note on Thursday January 5th, analysts at Cowen and Company downgraded the stock of Coinbase to Market Perform from a Outperform rating. The investment bank also whacked the 12 month price target forecast on Coinbase to $35 from $75 per share.
Cryptocurrency exchange Coinbase has reached a settlement with New York regulators over allegations that it violated anti-money-laundering laws by allowing customers to open accounts without sufficient background checks. The $100 million settlement, which consists of a $50 million fine and a $50 million investment in Coinbase’s compliance program, was announced by the New York State Department of Financial Services. According to the regulator, Coinbase’s compliance issues were first detected in 2020, but problems with the company’s anti-money-laundering controls dated back to 2018. By late 2021, Coinbase had a backlog of over 100,000 alerts about potential suspicious customer transactions on its exchange that were not being properly examined. The regulator also found that Coinbase performed only rudimentary background checks on customers before allowing them to open accounts. In one instance, Coinbase allegedly helped a thief steal $150 million from an unnamed company by claiming to be an employee of that company when opening a Coinbase account. The settlement comes amid increased regulatory scrutiny of cryptocurrency firms following the $8 billion bankruptcy of crypto exchange FTX in November 2021.