Coinbase price target raised to $80 from $60 at Piper Sandler

Piper Sandler analyst Patrick Moley raised the firm’s price target on Coinbase to $80 from $60 and keeps a Neutral rating on the shares following the Q2 report. The company’s net loss was smaller than forecasted and adjusted EBITDA was better than expected, the analyst tells investors in a research note. Piper says retail fee capture again reached the highest level since at least 2018. The firm continues to believe Coinbaseis positioned to be a major player in the space, but it would like to see more progress on the regulatory front and a convincing turnaround in the underlying fundamentals of the business before becoming more positive on the shares.