Needham raises Coinbase stock price target to $420

Equity analysts at Needham Company raised their price target for Coinbase to $420 per share on Monday, citing strong trading volume in December and rising altcoin trading. The firm's previous price target was $375. "The increase in the price target is driven by a significant return of retail activity to the cryptocurrency market, with December trading volumes on track to hit all-time highs," analysts said in a statement. "Increased volatility, especially with Bitcoin around $100,000, and increased altcoin activity are the main reasons for the surge in trading volumes." Needham analysts predict strong results for Coinbase in the fourth quarter of 2024 and next year. Analysts have a "buy" rating on the stock.