Coinbase initiated with a Hold at Jefferies

Jefferies analyst Trevor Williams initiated coverage of Coinbase with a Hold rating and $35 price target. While Coinbase’s premium brand, scale, and "healthy" balance sheet should enable it to weather the industry-wide fallout from FTX’s collapse, Williams still sees "a steep climb to Street estimates in FY25," which he believes embed a recovery in Bitcoin to a price around $25,000.