Coinbase Soars on Compass Point Upgrade Ahead of Senate Vote
Coinbase shares rose 6% on Monday after Compass Point analyst Ed Engel upgraded the exchange operator to Neutral from Sell ahead of a scheduled Senate floor vote on crypto market-structure legislation.
The upgrade and price target increase to $177 helped trim an 18% year-to-date decline for Coinbase, which had been one of the sector's most bruised names heading into this week's vote.
Crypto companies back the Clarity Act, but U.S. banks have lobbied against it over stablecoin interest payments, and Senate Democrats say they can't support it without ethics provisions barring officials from profiting from crypto ventures.
Meanwhile, MARA stock fell 2% after JPMorgan cut the miner to Underweight from Neutral and lowered its price target to $11. The bank cited the company's capital-light joint venture with Starwood Digital Ventures, under which MARA contributes powered land sites while Starwood handles design, development, tenant sourcing, and operations.