Coinbase price target raised to $70 from $65 at Piper Sandler

Piper Sandler analyst Richard Repetto raised the firm’s price target on Coinbase to $70 from $65 and keeps an Overweight rating on the shares. The company delivered on Q4 estimates but backed away from full year 2023 guidance, the analyst tells investors in a research note. Piper says "uncontrollable drivers" like regulation will likely play a bigger role for the company in 2023. However, it believes Coinbase has done its best to be on the right side of regulation in the U.S. However, similar to a crypto winter, regulation and its impact are "somewhat out of the company’s control at this point," writes the analyst.