Coinbase price target lowered to $100 from $120 at Canaccord

Canaccord analyst Joseph Vafi lowered the firm’s price target on Coinbase to $100 from $120 and keeps a Buy rating on the shares. The analyst said we recognize that COIN is still unprofitable, but the company is hard on the rudder to transform itself into one that makes money in all parts of the crypto cycle. We see it as an opportunity to be a trailblazer along many fronts, including being an exemplary corporate citizen, and we believe management is taking this path.