Coinbase price target raised to $420 from $410 at BTIG

BTIG raised the firm’s price target on Coinbase (COIN) to $420 from $410 and keeps a Buy rating on the shares. The company reported “solid” Q3 results with revenue and adjusted EBITDA well ahead of Street estimates, the analyst tells investors in a research note. The firm believes the earnings print affirmed its thesis that Coinbase is in the early stages of building a “virtuous flywheel” between its trading business and digital applications.