Coinbase price target raised to $190 from $180 at Piper Sandler

Piper Sandler analyst Patrick Moley raised the firm’s price target on Coinbase (COIN) to $190 from $180 and keeps a Neutral rating on the shares. The firm notes the company reported in-line revenues and adjusted EPS above its estimate. The company also announced the planned acquisition of global crypto derivatives exchange, Deribit. While Piper believes this deal has potential to significantly expand both Coinbase’s derivatives business and global presence, it would note that Deribit currently does not offer any derivative products that are regulatory compliant in the U.S.