Mizuho ups Coinbase target to $35, says Binance excitement overdone

Mizuho raised the firm’s price target on Coinbase to $35 from $31 and keeps an Underperform rating on the shares. The analyst says Coinbase shares are up more than 20% since the Binance CEO reached a settlement with Department of Justice on November 21. The firm believes part of the rally is in anticipation of potential share gains for Coinbase in the wake of outflows from Binance, the industry’s largest exchange. However, the excitement of Coinbase benefiting from Binance’s trouble is overdone, the analyst tells investors in a research note. Mizuho’s data shows that Coinbase’s market share of industry volumes actually declined 30 basis points post the Binance settlement. On a more positive note, the firm says, the company’s’ trading volumes are up meaningfully in November amid excitement around a Bitcoin exchange traded fund approval.