Coinbase price target raised to $31 from $27 at Mizuho

Mizuho analyst Dan Dolev raised the firm’s price target on Coinbase (COIN) to $31 from $27 and keeps an Underperform rating on the shares. The analyst sees “significant downside from here” with the shares up 170% year-to-date. Lingering retail fatigue threatens Coinbase’s most attractive revenue stream over the longer-term, the analyst tells investors in a research note. However, the firm also sees several near-term positives, including higher spreads, stabilizing retail market share versus Robinhood (HOOD) in Q3, and improving cost controls.