BofA lowered the firm’s price target on Coinbase (COIN) to $218 from $234 and keeps a Buy rating on the shares. An adjusted EPS miss was driven primarily by higher tech and development spending, softer trading, and non-operating Consumer volumes having declined 36% quarter-over-quarter amid depressed asset prices, the analyst tells investors. While near-term results remain tied to crypto prices, the firm is “encouraged” by the company’s push to diversify into more durable revenue streams, including crypto-as-a-service, the analyst added.
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