Coinbase price target raised to $178 from $160 at Mizuho

Mizuho raised the firm’s price target on Coinbase (COIN) to $178 from $160 and keeps an Underperform rating on the shares. While consumer take rates declined 40 basis points quarter over quarter, it was “encouraging” to learn that Coinbase did not make material changes to its fee rate structure in the Consumer app, the analyst tells investors in a research note. At the same time, Mizuho finds it “concerning” that the ETF approvals appear to have steered users away from alt-coin and towards Bitcoin and Ethereum, which may raise questions about Coinbase’s long-term competitive moat.