Coinbase price target raised to $300 from $220 at JMP Securities

JMP Securities raised the firm’s price target on Coinbase to $300 from $220 and keeps an Outperform rating on the shares. The firm estimates $220B of flows into spot-Bitcoin ETFs over next three years, multiples of what has already been experienced, and Coinbase remains well-positioned if the firm is correct, the analyst tells investors in a research note. The firm still sees a compelling upside case even though the stock has been on a tear higher.