Coinbase price target raised to $417 from $395 at Oppenheimer

Oppenheimer raised the firm’s price target on Coinbase (COIN) to $417 from $395 and keeps an Outperform rating on the shares. The firm cites increasing regulatory clarity going into Crypto Week for the target increase. However, the analyst expects consensus forecasts for Coinbase to come down going into the Q2 report. The company’s setup into earnings appears unfavorable with Oppenheimer expecting trading volume down 3% year-over-year and 44% quarter-over-quarter, 24% below consensus, the analyst tells investors in a research note. The firm believes the buy-side is “well aware of this weak print” but thinks a more share attractive entry point could happen after the print.