Goldman Sachs Lifts Coinbase Target to $196 Amid Crypto Market Optimism

Goldman Sachs has raised its price target on Coinbase to $196 from $173 after the stock had already climbed 28% in five sessions. This move is seen as a positive sign for the cryptocurrency market, with some analysts expecting big money to start taking crypto seriously.

According to Andy Duenas, director of financial services at Cap V, this is 'going to be embedded in the large finance institutions.' Goldman Sachs itself has been building a crypto business and has partnered with Coinbase on a project to offer crypto-backed mortgages.

However, not all analysts are convinced. Charan Dangeti, a finance content creator, said that analyst targets can be biased and unreliable, citing an example of how Goldman Sachs lowered its target for Micron after the stock went down 10%.