Coinbase price target raised to $200 from $107 at JMP Securities

JMP Securities analyst Devin Ryan raised the firm’s price target on Coinbase to $200 from $107 and keeps an Outperform rating on the shares. The analyst says spot bitcoin exchange traded fund implications are bullish for Coinbase and the broader industry. The firm is “quite constructive” on industry wide implications, saying new avenues of capital will be unlocked and positive price action will further accelerate adoption in the broader space as it has in past cycles. JMP believes higher retail trading spreads today are not at an immediate threat to Coinbase. The company has the potential to become “one of the few network winners in an industry we expect to grow exponentially from here,” the firm writes.