Meme stocks have gained significant attention on Wall Street, with individual investors coordinating their buying efforts on social media platforms like Reddit's r/WallStreetBets forum. While some may view this trend as irrational, there are reasons behind the interest in certain companies.
Coinbase (NASDAQ:COIN) shares added more than 4% on Friday after the cryptocurrency exchange platform was upgraded to ‘Neutral' from ‘Underperform' by Bank of America analysts. The analysts also more than doubled their price target on the stock from $110 to $217 as they adopted a new valuation methodology on their belief Coinbase has “more durable earnings per share potential.
Coinbase Global (COIN) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
CME Group, a Chicago-based trading firm, may launch spot Bitcoin trading, according to a report. That could hit one of Coinbase's sweet spots.