Clear Street Boosts Coinbase Price Target to $224 Amid Stock Derivatives Push
Clear Street has raised its price target for Coinbase Global, Inc. (COIN) to $224 from $204 while maintaining a 'Buy' rating. The analyst Owen Lau believes that Coinbase's development into stock derivatives and IPO will spur new product launches and challenge the current market structure.
The firm has filed with the Commodity Futures Trading Commission to list cash-settled, perpetual-style futures on individual U.S. stocks, covering some 50-60 names including Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA).
Lau said that this filing can drive more product launches at Coinbase and 'disrupt the status quo in the existing market structure.' Clear Street's $224 price target implies an 11.4% upside for Coinbase from Monday's close of $201.