Coinbase shares edge higher

Coinbase shares (NASDAQ: COIN) have settled at $108.63 after surging an additional 6.9% earlier in the day following significant gains in the prior session.

On Thursday, Coinbase’s stock surged by 24.5% following a landmark ruling from a U.S. judge, which concluded that Ripple Labs had not violated federal securities law by selling its XRP token on public exchanges.

Coinbase swiftly responded to the ruling by announcing the resumption of XRP trading on its platform.

In light of Ripple’s legal victory, Needham, a leading research and investment banking firm, raised its price target for COIN from $70 to $120. Needham believes that this outcome moderately reduces regulatory pressure on Coinbase and contributes to the stock’s improved outlook.

Wedbush also increased its PT for COIN from $75 to $110. These upward revisions in price targets reflect growing confidence among financial experts in Coinbase’s future performance.

The average rating among 28 analysts for COIN is “hold,” with a median PT of $65.

Despite occasional fluctuations, Coinbase’s stock has displayed resilience throughout the year. With the substantial surge on Thursday, the stock has achieved a significant year-to-date increase of approximately 207%.