Coinbase price target raised to $475 from $400 at JMP Securities

JMP Securities analyst Devin Ryan raised the firm’s price target on Coinbase (COIN) to $475 from $400 and keeps an Outperform rating on the shares. Coinbase exited 2024 with tremendous business momentum as enthusiasm has been building for the broader digital asset industry, with Coinbase a beneficiary of improving sentiment, the analyst tells investors in a research note. The firm is “excited” that Coinbase and others in the industry are in a transitory moment, waiting for final clarity around what the legislative and regulatory environment will look like, and a number of other interrelated aspects tied to policy, taxes, digital asset reserves, which could all have material implications. With more clarity, more competition will enter the market, but JMP thinks this represents a positive signal for Coinbase.