H.C. Wainwright trims Coinbase target ahead of earnings, would buy on a dip

H.C. Wainwright lowered the firm’s price target on Coinbase (COIN) to $350 from $425 and keeps a Buy rating on the shares going into tomorrow night’s Q4 earnings report. Based on the firm’s analysis of intra-quarter data, the firm thinks Coinbase could report a net revenue and adjusted EBITDA miss for Q4, meaning the setup “isn’t ideal,” the analyst tells investors. However, the firm would be buyers of any weakness coming out of the print as it believes the risk/reward “skews to the upside at these levels” and continues to view the passage of crypto market structure legislation as a near-term positive catalyst.