Coinbase upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Coinbase to Equal Weight from Underweight with a price target of $169, down from $206. Over the past year, the business models at both Coinbase (COIN) and Robinhood (HOOD) have matured and while risks remain for both models, there is also potential sales catalysts from new products and regulation, the analyst tells investors in a research note. The firm says valuations are also “starting to look more sensible for both names.” Barclays believes both companies have “matured meaningfully” in terms of expanding their respective product sets and improving profits via cost rationality and sales improvement. As a result, the firm sees the risk/reward for both stocks as more balanced.