Coinbase initiated with a Neutral at B. Riley

B. Riley initiated coverage of Coinbase (COIN) with a Neutral rating and $185 price target Coinbase is the industry leader and a trusted platform for institutions and individuals to invest and transact in the growing digital currency economy, the analyst tells investors in a research note. The firm views Coinbase as a unique company in the capital markets sector, being both a first mover in the shift to digital assets and a well-capitalized scale operator. However, it expects the shares to remain range-bound until the election is decided and regulatory clarity is provided or until better idiosyncratic catalysts emerge that provide visibility into more consistent profit growth. It cites valuation for the Neutral rating.