Clear Street Raises Price Target for Coinbase Amid Stock Derivative Expansion
Clear Street has raised its price target for Coinbase (COIN) to $224 from $204, while maintaining a 'Buy' rating. Analyst Owen Lau believes that Coinbase's development into stock derivatives and an initial public offering (IPO) will drive new product launches and disrupt the existing market structure.
The firm cited Coinbase's recent filing with the Commodity Futures Trading Commission to list cash-settled, perpetual-style futures on individual U.S. stocks, covering 50-60 names including Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA).
Clear Street sees a potential 11.4% upside for Coinbase from Monday's close of $201.