Needham raised its price target on Coinbase shares, saying the positive U.S. district court ruling on Ripple’s XRP token should moderately de-risk regulatory pressure on the crypto exchange’s stock. $COIN willcanny99 reports.
that Ripple’s XRP token should not be considered a security if sold via an exchange or through programmatic sales is positive for Coinbase shares since it sets a precedent that token sales through exchanges, at least in the case of XRP, did not violate securities laws, broker Needham said in a research report Friday.
"This outcome should moderately de-risk the regulatory pressure on the stock,” analysts John Todaro and Daniel Lehmann wrote, which is a significant overhang on the share price. The broker maintained its buy rating on Coinbase shares and raised its price target to $120 from $70. Coinbase shares were trading 1% lower at $105.96 in premarket trading Friday. The stock closed 25% higher on Thursday following the Ripple court ruling.that are using Coinbase for various services “gives us further comfort regarding broad support for the ecosystem and Coinbase,” the report said.
Needham said it had modestly raised its second-quarter 2023 earnings estimates for the crypto exchange, but cautioned that a further decline in retail trading would result in poor volumes for the quarter. Needham’s bullish comments were in stark contrast to those of German investment bank Berenberg, whichRead more:
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Ripple’s XRP Token Surges 28% After Court Rules XRP Sales Aren’t Investment ContractsRipple’s XRP token surges 28% after the District Court for the Southern District of New York rules XRP sales aren’t investment contracts. reporting
Consulte Mais informação »
Ripple's XRP token surges 28% as court issues ruling, sends case to trialXRP token rose precipitously, rising more than 25%.
Consulte Mais informação »
Sale of XRP on Exchanges Not Investment Contracts, Court Rules in SEC Case Against RippleBREAKING: A New York court has judged Ripple's sale of XRP on exchanges did not constitute investment contracts in order partially granting a motion for summary judgment in SECGov case. iamsandali reports
Consulte Mais informação »
XRP May Win Gemini Exchange Listing After Court Ruling in SEC Case.Gemini says it may list XRP on its platform after a court ruling said the sale of XRP on exchanges did not constitute investment contracts. by Aoyon_A
Consulte Mais informação »
Coinbase stock surges more than 24% following XRP court rulingCoinbase's stock was trading up more than 24% during Thursday's trading session.
Consulte Mais informação »
Ripple's XRP token surges over 80% as court issues mixed ruling over security statusUPDATED: Ripple's XRP token surges over 80% as court issues mixed ruling over security status via RT_Watson
Consulte Mais informação »