Coinbase price target raised to $115 from $77 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Coinbase to $115 from $77 and keeps a Buy rating on the shares. Despite softer crypto trading volumes, which the firm attributes to higher-than-expected retail trading spreads, Coinbase reported Q2 results that exceeded consensus estimates on both the top and bottom lines, the analyst tells investors. The firm expects crypto volumes and crypto asset prices to improve as Bitcoin’s next halving event in April 2024 approaches and is also “optimistic” that a spot BTC ETF could be approved by the SEC in the near term, which it believes could be “a major positive catalyst for BTC prices” and Coinbase shares.