Coinbase price target lowered to $325 from $470 at Rosenblatt

Rosenblatt lowered the firm’s price target on Coinbase (COIN) to $325 from $470 and keeps a Buy rating on the shares. After a strong Q3 and record October, Coinbase trading volumes have decelerated materially, notes the analyst, who now models Q4 total trading volume of about $207B, down 35% from the firm’s previous estimate. However, the firm thinks this slowdown has been largely captured in the stock and sees material upside potential from Coinbase’s product expansion initiatives, the analyst tells investors.