Banking giant JPMorgan raised its price target for the cryptocurrency exchange Coinbase, with the Ethereum (ETH) detail catching attention.
In a note released by JPMorgan recently, the banking giant raised its price target for Coinbase from $95 to $150. The bank highlighted Ethereum’s wide appeal and its value appreciation as a positive driver for Coinbase earnings.
Analysts led by Kenneth Worthington focused on Ethereum’s successful operation, including the Dencun upgrade, and its impact on the crypto sector:
We believe Ethereum use cases extend beyond the crypto ecosystem and will create a strong revenue source for Coinbase in the near future. We also view progress on Ethereum’s roadmap, including the recent Dencun upgrade on March 13, as a development that promotes crypto development, which is a positive long-term development.
Although JPMorgan raised its price prediction, the current target of $150 is still well below the current value of Coinbase shares, which are trading at $242 according to TradingView data at the time of writing.
