Coinbase price target lowered to $340 from $369 at BofA

BofA analyst Craig Siegenthaler lowered the firm’s price target on Coinbase (COIN) to $340 from $369 and keeps a Neutral rating on the shares. The firm, which remains bullish long-term on the online brokers due to multiple factors, is less positive in the near-term due to “a more expensive entry point” combined with the prospects of lower interest rates, the analyst tells investors in a Q3 preview for the group. The firm views Q3 as a “good quarter” for e-brokers, but notes that expectations are high.