As previously reported, BofA analyst Jason Kupferberg downgraded Coinbase to Underperform from Neutral with a price target of $35, down from $50, noting that his 2023 revenue estimates are now "even further below" the Street view after analyzing Q4 crypto transaction volume data. He thinks it will be hard for the shares to tolerate a significant downward revision to consensus estimates given the volatile crypto environment, Kupferberg tells investors.
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Published first on TheFly
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