JPMorgan lowered the firm’s price target on Coinbase (COIN) to $276 from $344 and keeps a Neutral rating on the shares. The firm updated the company’s model ahead of the Q1 report next week. The firm says its estimates have moved down meaningfully as trading volumes slowed sequentially and market caps fell off during Q1 as crypto was “evidently not insulated from the broader risk asset sell-off amid heightened macro uncertainty.”
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