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

Piper Sandler raised the firm’s price target on Coinbase to $80 from $60 and keeps a Neutral rating on the shares. The company reported a top and bottom line beat in Q2, the analyst tells investors in a research note. The firm says Coinbase’s retail fee capture again reached the highest level since at least 2018. However, Piper 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 Coinbase shares.