Coinbase price target raised to $151 from $90 at Citi

Citi analyst Peter Christiansen raised the firm’s price target on Coinbase to $151 from $90 and keeps a Neutral rating on the shares. Coinbase’s defense versus the SEC’s lawsuit has begun with oral arguments to dismiss the case, the analyst tells investors in a research note. Given the stature of the case, Citi agrees with the notion that this dispute is unlikely to be solved on motions alone – likely pushing the summary judgment phase out over a year. The firm remains Neutral on the stock “purely on regulatory risk, saying any potential ruling can have significant impact on the company’s future business model. However, the firm reset estimates and target price sharply following a 53% quarter-to-date increase in crypto prices and a 105% increase in crypto volumes.