Coinbase price target lowered to $230 from $290 at Needham

Needham lowered the firm’s price target on Coinbase (COIN) to $230 from $290 and keeps a Buy rating on the shares. While Q4 was strong, weakness in crypto trading in Q1, alongside the management’s plans to keep expenses flat despite the weak backdrop, are concerning, the analyst tells investors in a research note. The final Clarity Act is also unlikely to go fully Coinbase way, the firm adds.