Coinbase workforce reduction can support profitability, says Clear Street

After Coinbase (COIN) announced about a 14% workforce reduction, Clear Street sees the action as supportive of forward profitability through the cycle. The firm expects Q1 results to be soft, but views management’s actions as “consistent with a clear objective” to deliver positive adjusted EBITDA through the cycle, which “should be viewed constructively by investors,” adds the analyst, who has a Buy rating and $277 price target on Coinbase shares.