Coinbase price target lowered to $413 from $417 at Oppenheimer

Oppenheimer analyst Owen Lau lowered the firm’s price target on Coinbase (COIN) to $413 from $417 and keeps an Outperform rating on the shares following quarterly results. The firm was a weak quarter as expected and the stock traded off post-print. But Oppenheimer is getting more constructive coming out of the print because of improving Q3 trading volume; strong July trading revenue and S&S guidance; potential passage of the CLARITY Act in late September; recent completion of the Deribit acquisition; and a strong balance sheet to aid organic and inorganic growth. If the CLARITY Act is signed into law, the firm expects an “altcoin summer.”