According to the Daily Planet, JPMorgan Chase said in a research report on Thursday that it upgraded the stock rating of cryptocurrency exchange Coinbase (COIN) to neutral to reflect the recent surge in cryptocurrency prices after the spot Bitcoin ETF was approved in the United States.
The report said it expects rising cryptocurrency prices to boost Coinbase's trading activity levels and profitability in the first quarter. JPMorgan upgraded the stock to neutral from underweight, but kept its price target unchanged.
