Coinbase price target raised to $440 from $400 at Citizens JMP

Citizens JMP raised the firm’s price target on Coinbase (COIN) to $440 from $400 and keeps an Outperform rating on the shares. The firm is bullish on the business outlook across Financial Services and FinTech, with capital markets recovering solidly with M&A activity still on a “normalization” tracking up 20% over the first half of last year and is annualizing $4.3T, while the IPO market is also restarting after a more than three-year hiatus with the number of U.S. IPOs up 80% year over year, the analyst tells investors in a research note. The digital asset industry is rapidly evolving from more of a speculative base to mainstream adoption, with legislation and Financial Services regulation finally coming together likely in the second half, and coupled with more mature infrastructure and business models, the growth prospects remain elevated and still likely underestimated over the next couple years, the firm says.