Coinbase price target lowered to $33 from $55 at Wells Fargo

Wells Fargo analyst Jeff Cantwell lowered the firm’s price target on Coinbase to $33 from $55 and keeps an Underweight rating on the shares. The analyst thinks 2023 will be more challenging fundamentally for his coverage versus 2022. Though he expects a challenging market environment in the first half of the year, Cantwell thinks slowing inflation plus a Fed pivot will drive "risk-on" sentiment in the space by the second half.