Oppenheimer analysts upgraded Coinbase Global (NASDAQ:COIN) from Perform to Outperform, setting a new price target of $160.00. As a consequence, shares rose more than 4% pre-market today.

The upgrade is based on a multi-faceted thesis. Firstly, the analysts believe that Coinbase will either emerge victorious in its lawsuit with the SEC or the court will dismiss the case. Secondly, they view the potential for a Spot Bitcoin ETF as a net positive development for the company.

Thirdly, the analysts observe an upward trajectory in Coinbase’s fundamentals. Fourthly, they anticipate the likelihood of Coinbase achieving positive GAAP EPS in the fourth quarter of 2023 or early 2024.

With Coinbase’s stock having declined by 35% since December 28, the analysts see a more attractive risk/reward trade-off. They note that despite the intense scrutiny faced during the crypto winter, and while many peers struggled, Coinbase has remained resilient and continues to actively defend its business and the broader industry.

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