Coinbase price target lowered to $244 from $277 at Clear Street

Clear Street analyst Owen Lau lowered the firm’s price target on Coinbase (COIN) to $244 from $277 and keeps a Buy rating on the shares. The company reported weaker than expected Q1 results for both revenue and adjusted EBITDA, driven by lower subscription and services revenue than forecast, the analyst tells investors in a research note. However, the firm sees “green shoots” for Coinbase in the form of cost reduction and regulatory clarity. These can drive an improving profitability outlook, contends Clear Street.