Coinbase price target raised to $300 from $260 at Rosenblatt

Rosenblatt raised the firm’s price target on Coinbase (COIN) to $300 from $260 and keeps a Buy rating on the shares. The firm sees further upside in the stock. As the first crypto equity added to the S&P 500 amid relatively low institutional ownership, yesterday’s 25% rally proves “to be just be the beginning,” the analyst tells investors in a research note. Rosenblatt says that in addition to “this significant tailwind,” Coinbase’s announced acquisition of Deribit should create substantial synergies that aren’t yet in estimates. The stock has “more room to run,” it contends.