Coinbase price target raised to $421 from $301 at Benchmark

Benchmark analyst Mark Palmer raised the firm’s price target on Coinbase (COIN) to $421 from $301 and keeps a Buy rating on the shares. The “flurry” of news about the company and the environment in which it operates that emerged over the course of the past few trading sessions was “remarkable,” says the analyst, who believes “each of those headlines and announcements appeared to affirm or boost COIN’s long-term growth prospects.” The company’s shares jumped by more than 23% over the course of last week, but the firm thinks that additional, significant news supportive of Coinbase “may be in the offing such that a path to a meaningfully higher price for the stock may be coming into view.”