Coinbase price target raised to $84 from $72 at Oppenheimer

Oppenheimer analyst Owen Lau raised the firm’s price target on Coinbase to $84 from $72 and keeps an Outperform rating on the shares following quarterly results. The firm notes the company now targets generating positive adjusted EBITDA in all market conditions. Based on the trading volume trend year-to-date, interest income projection and sentiment of digital assets, Oppenheimer believes Coinbase continues to show the path of diversification and be adjusted EBITDA profitable. The firm further believes there’s an increasing number of new institutional investors getting into this space potentially buying the dip, which could eventually drive more retail engagement. Together with catalysts such as Shanghai upgrade and Bitcoin Halving, they could support the outlook of the industry and Coinbase, Oppenheimer says.