H.C. Wainwright double upgraded Coinbase (COIN) to Buy from Sell with a price target of $425, up from $300. The firm cites its “bullish outlook” for crypto asset prices in Q4 and the company’s regulatory tailwinds for the double upgrade. H.C. Wainwright expects rising crypto asset prices, driven by seasonal strength and accelerating institutional demand. and regulatory tailwinds to drive the stock higher in Q4. The firm sees a high probability of the market structure legislation passing the Senate before the end of 2025, after the CLARITY Act passed the House in July. This would be a “major positive” catalyst for Coinbase, it contends.
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