• Coinbase fourth-quarter earnings beat analyst expectations.

  • KBW upgraded the stock to market perform from underperform.

  • Shares surged as much as 15% in premarket trading.

Crypto exchange Coinbase (COIN) reported fourth-quarter earnings yesterday after the market close, beating consensus estimates. The stock pumped 15% higher in pre-market trading Friday, as some Wall Street analysts upgraded the stock and lifted their price targets.

Here’s what they said:

KBW upgraded Coinbase to market perform from underperform and lifted its price target to $160 from $93.

The bank said it is “skeptical that the current level of retail enthusiasm/speculative activity can persist for a prolonged period.” Still, it upgraded the stock to reflect higher crypto prices year-to-date and the positive knock-on effect on revenue. It also noted a tailwind from a “material inflection” in USD Coin (USDC) balance growth, which is up 15% this year.

Wedbush reiterated its outperform rating and raised its price target to $200 from $180.

The investment firm said the results “adequately address the bear arguments on COIN.” There was no apparent fee compression or cannibalization from exchange-traded funds (ETFs), and the exchange continues to reduce its exposure to retail and trading fees while growing its institutional exposure.

Canaccord Genuity maintained its buy rating on the stock, raising its price target to $240 from $140. The firm cited positive tailwinds for the business and the industry in general. JMP Securities kept its outperform rating and increased its price target to $220 from $200. It said it was pleased by the exchange’s fourth-quarter performance and even more encouraged by its outlook.

Mizuho Securities was less bullish. The firm said it remains cautious about Coinbase shares following the earnings report, adding that while the firm reported revenue and EBITDA that beat estimates, “consensus was out of tune.” A key disappointment was the retail take rate falling by 80 basis points quarter-on-quarter.

The investment bank reiterated its underperform rating and $60 price target. Read more: Coinbase Upgraded to Neutral Ahead of Earnings at JPMorgan as Shares Surge