BofA lowered the firm’s price target on Coinbase (COIN) to $217 from $311 and keeps a Neutral rating on the shares. If the equity market correction deepens, there is EPS risk from cash sweep revenues, trading/margin loans and fees, but the firm remains long-term bullish on retail brokers given multiple secular themes, especially on the two online brokers – Interactive Brokers (IBKR), and Robinhood (HOOD) – after the year-to-date correction improved their valuations, the analyst tells investors in a preview for the group.
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