Coinbase price target raised to $390 from $245 at Monness Crespi

Monness Crespi raised the firm’s price target on Coinbase (COIN) to $390 from $245 and keeps a Buy rating on the shares. The firm is a buyer of Coinbase on yesterday’s weakness. If the new administration wants to maneuver a crypto currency strategic reserve, there are avenues controlled by Department of Treasury via the Exchange Stabilization Fund, and this topic will “increasingly come into conversation,” the analyst tells investors in a research note. Monness does not bake in a strategic reserve occurring, though it sees the path using the Exchange Stabilization Fund in the U.S. This would likely benefit custody leaders like Coinbase, the firm contends.