Coinbase price target lowered to $290 from $400 at Needham

Needham analyst John Todaro lowered the firm’s price target on Coinbase (COIN) to $290 from $400 and keeps a Buy rating on the shares. The firm lowered its estimates and price targets across the cryptoasset sector as it sees continued weakness in crypto volumes for the next couple quarters. Even if crypto prices are near a bottom, retail volumes typically remain muted until momentum returns, the analyst tells investors.