Coinbase price target raised to $245 from $225 at Piper Sandler

Piper Sandler raised the firm’s price target on Coinbase to $245 from $225 and keeps a Neutral rating on the shares. The analyst says the “risk on environment” generally benefited the exchanges, trading companies online brokers in Q1. The firm expects the U.S. exchanges to report strong Q1 results, driven by an improved trading environment for both cash equities and derivative products. Continued rate uncertainty produced another strong quarter for fixed income volumes and should drive strong results for the electronic fixed income trading platforms and inter-dealer brokers, the analyst tells investors in a research note. Meanwhile, the January approval and launch of 11 spot bitcoin exchanged traded funds drove crypto prices higher in Q1 and seemed to play a role in bringing retail back into the market. This should drive strong Q1 results for crypto exchanges and brokers, says Piper.