Coinbase price target raised to $420 from $375 at Needham

Needham analyst John Todaro raised the firm’s price target on Coinbase (COIN) to $420 from $375 and keeps a Buy rating on the shares. Retail activity is coming back in significantly to the crypto market, with December volumes for Coinbase on track for their best month ever, the analyst tells investors in a research note. Volatility has also remained elevated since the election, with bitcoin hovering around the key psychological level of $100K, contributing to high volumes, Needham adds.