Coinbase price target lowered to $280 from $320 at Mizuho

Mizuho lowered the firm’s price target on Coinbase (COIN) to $280 from $320 and keeps a Neutral rating on the shares. The firm’s survey of over 230 Coinbase and Robinhood (HOOD) users indicates strong engagement with the prediction markets. Coinbase and Robinhood users are 9-times more likely to participate in prediction markets versus non-users, the analyst tells investors in a research note. Mizuno expects expect Robinhood to see greater medium-term revenue upside, supported by “fresh capital inflows” and a Q4 run-rate of $300M. It trimmed Coinbase’s price target to reflect softer than initially expected Q4 trends and lower bitcoin price levels.