Coinbase Soars as Wall Street Raises Targets

Wall Street has lifted its price targets for Coinbase and MicroStrategy, but only one of them offers real upside potential. Goldman Sachs raised its target for Coinbase (COIN) to $196 from $173, citing growth in derivatives and prediction markets.

The bank framed the case around 'upside optionality' and 'strong idiosyncratic growth', leaving the new target about 5% above COIN's current trading price. This is a 13% increase over the previous target.

Canaccord Genuity made a similar move on MicroStrategy (MSTR), raising its target to $175 from $130, which is roughly 38% above Tuesday's close of $126.83. The bank noted that 'the setup for MSTR has materially brightened over the last couple of weeks'.

Both stocks have rallied significantly since August 19, with COIN adding 27% and MSTR gaining 35%. However, it remains to be seen whether analysts will continue to raise their targets as the market moves into September.