Coinbase price target lowered to $305 from $350 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Coinbase (COIN) to $305 from $350 and keeps a Buy rating on the shares. The company reported mixed Q1 results against a challenging macro backdrop, and announced a “monumental agreement” to acquire Deribit, the largest crypto options exchange in the world, for $2.9B, the analyst tells investors in a research note. The firm views the transaction “as compelling for several reasons,” and notes management expects it to be immediately accretive. H.C. Wainwright expects continued volatility over the short term due to ongoing trade wars and macro uncertainty, but believes the “stars are aligning for an extended bull market for crypto” over the next 12-18 months.