BofA sees ‘very little topline visibility’ for Coinbase despite Q4 beat

BofA analyst Jason Kupferberg maintains an Underperform rating and $35 price target on Coinbase shares following the company’s Q4 beat. While results were ahead of expectations, the 2023 guidance was "very limited, and we think the Street was likely hoping for more," the analyst tells investors. The firm, which says there was "nothing thesis-changing in the print," remains cautious as it contends that Coinbase continues to face "meaningful" headwinds that include regulatory concerns, competition and a lack of revenue diversity.