Coinbase price target lowered to $300 from $400 at Canaccord

Canaccord analyst Joseph Vafi lowered the firm’s price target on Coinbase (COIN) to $300 from $400 and keeps a Buy rating on the shares. The firm said While no exchange or trading platform can be spared from what has happened to crypto spot prices over the past month, COIN remains solidly profitable, and is taking incremental share while it continues to expand its service offerings. And while navigating the current environment short term, the company remains focused on the medium term, continuing to push key initiatives including the Everything Exchange, commerce-based use cases for the USDC stablecoin, as well as expansion of deFi applications on Base/Ethereum.