{"id":77428,"date":"2024-03-12T11:13:53","date_gmt":"2024-03-12T16:13:53","guid":{"rendered":"https:\/\/equitynewsreport.com\/coinbase-stock-upgraded-by-raymond-james-despite-long-term-negative-bias\/"},"modified":"2024-03-12T11:13:53","modified_gmt":"2024-03-12T16:13:53","slug":"coinbase-stock-upgraded-by-raymond-james-despite-long-term-negative-bias","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/coinbase-stock-upgraded-by-raymond-james-despite-long-term-negative-bias\/","title":{"rendered":"Coinbase stock upgraded by Raymond James despite long-term negative bias"},"content":{"rendered":"<div readability=\"63\">\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<img decoding=\"async\" alt=\"Coinbase stock upgraded by Raymond James despite long-term negative bias\" id=\"carouselImage\" src=\"https:\/\/i-invdn-com.investing.com\/news\/moved_LYNXNPEI4A0A6_L.jpg\"><br \/>\n<span class=\"text\">\u00a9 Reuters Coinbase (COIN) stock upgraded by Raymond James despite long-term negative bias<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>On Tuesday, Raymond James made a notable change in its rating for Coinbase (NASDAQ:), upgrading the cryptocurrency exchange from Underperform to Market Perform. The firm cited a shift in its near-term investment rating outlook, despite maintaining a long-term negative bias towards the company. The adjustment reflects a concession that the previous rating may no longer be suitable, given recent market dynamics.<\/p>\n<p>Analysts have expressed significant concerns about Coinbase&#8217;s long-term earnings potential, pointing to factors such as the commoditization of its client offerings, uncertain future cryptocurrency valuations, and substantial regulatory risks. They also noted the possibility of a competitor introducing a disruptive pricing strategy, especially if the current cryptocurrency rally continues.<\/p>\n<p>Despite these reservations, Raymond James acknowledged underestimating the impact of exchange-traded product (ETP) inflows on the overall valuations of cryptocurrencies, including Bitcoin. This underestimation has contributed to a strong performance in Coinbase&#8217;s share price. The firm suggests that as long as ETP inflows remain robust, the momentum in Coinbase&#8217;s stock is likely to continue. <\/p>\n<p>The company&#8217;s upgrade reflects a complex view of the cryptocurrency market and Coinbase&#8217;s position within it. While long-term skepticism remains, current market conditions have prompted a reassessment of the stock&#8217;s near-term trajectory. Raymond James&#8217; new rating indicates a neutral stance, stepping back from the more bearish Underperform rating previously assigned to Coinbase.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters Coinbase (COIN) stock upgraded by Raymond James despite long-term negative bias On Tuesday, Raymond James made a notable change in its rating for Coinbase (NASDAQ:), upgrading the cryptocurrency exchange from Underperform to Market Perform. The firm cited a shift in its near-term investment rating outlook, despite maintaining a long-term negative bias towards the company. The adjustment reflects a concession that the previous rating may no longer be suitable, given recent market dynamics. Analysts have expressed significant concerns about Coinbase&#8217;s long-term earnings potential, pointing to factors such as the commoditization of its client offerings, uncertain future cryptocurrency valuations, and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":77429,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50,48,49,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77428"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77428"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77428\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77429"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}