12:15 PM EDT, 03/12/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

After a slight pullback in early 2024, COIN shares have regained momentum and have now risen 45% year-to-date. COIN is benefiting significantly from the excitement within the Crypto space as recently launched Bitcoin ETFs have exceeded expectations and generated significant inflows. Further, investors are looking at the Bitcoin "halving" event in April as the next potential catalyst, leading Bitcoin prices to a new record high (currently trading at about $72,000, +63% YTD). While Bitcoin remains the star of the show, other popular cryptocurrencies have also benefited significantly from renewed investor interest. COIN is poised to take advantage of these tailwinds, which likely boost both trading activity and overall interest in crypto, driving both transactional revenues and Subscription and Stablecoin revenues. We raise our target price by $96 to $273, on a forward EV/S of 16.0x our 2024 sales estimate. We lower our 2024 GAAP EPS estimate by $1.78 to $2.55 and cut 2025's by $1.55 to $2.48.