Coinbase price target raised to $200 from $145 at Compass Point

Compass Point raised the firm’s price target on Coinbase to $200 from $145 and keeps a Buy rating on the shares. Crypto asset prices and overall market trading volumes have increased at a clip “well above our expectations” since the firm last updated its Coinbase Global estimates in early November, driven by the potential for lower interest rates in 2024 and excitement around the eventual SEC approval of spot Bitcoin ETFs, the analyst tells investors. Spot ADVs are tracking nearly 50% above the firm’s prior estimate for Q4, and even higher in December, with Coinbase having participated in this upswing, the analyst added.