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Coinbase's Stock Price Rises Nearly 6% as Analysts Increase Average Price Target

June 18 (Cointime) - Coinbase's stock price rose by almost 6% last week, despite the ongoing SEC lawsuit against the exchange-operator. The increase was supported by a slight rise in the average price target among analysts, which moved from $69.17 per share to $69.70.

This was due to one broker removing its sell rating coverage for the stock, which improved the consensus coverage rating. Additionally, Coinbase announced that it had bought back $64.5 million worth of their Convertible Senior Notes at a 29% discount, reflecting the company's confidence in its business and strong financial performance.

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