Goldman Sachs Raises Coinbase Price Target to $196 Amid Crypto Boom

Goldman Sachs raised its price target on Coinbase to $196 from $173, according to Forbes. The decision comes after the stock climbed 28% in five sessions.

This move is part of a larger trend as more large finance institutions are taking cryptocurrencies seriously, said Andy Duenas, director of financial services at Cap V. Goldman Sachs itself has been building a crypto business and has partnered with clients to offer crypto-backed mortgages through Coinbase.

However, not everyone shares the optimism. Charan Dangeti, a finance content creator, noted that analyst price targets can be biased and often change based on market conditions. For example, when Micron's stock fell 10%, Citi lowered its target, only to raise it again when the stock rebounded.

Meanwhile, Coinbase is still trading below its $196 target, sitting at $187.16 after a 4.3% increase. Bitcoin premium briefly flipped green but soon returned to red, indicating weak institutional buying in the US. Despite this, some experts believe that crypto will eventually become a mainstream financial tool.