Compass Point raised the firm’s price target on Coinbase (COIN) to $277 from $248 and keeps a Sell rating on the shares. The firm expects Coinbase to report Q3 revenue 2% above the Street, which excludes about $43M in contribution from Deribit. While the firm says it could see Coinbase outperforming bitcoin and crypto prices ahead of Q3 results, it also notes that it sees “a number of factors that could cause actual results to underwhelm versus increasing expectations.”
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