Coinbase price target lowered to $275 from $390 at Monness Crespi

Monness Crespi lowered the firm’s price target on Coinbase (COIN) to $275 from $390 and keeps a Buy rating on the shares. Coinbase “still has cyclicality to it,’ but its ability to remain profitable means the stock’s multiple can begin to expand prior to earnings troughing, the analyst tells investors in a research note. The firm believes the company’s opportunity for total addressable market expansion and real-world utility “remain in play.”