Coinbase price target lowered to $55 from $70 at DA Davidson

DA Davidson analyst Christopher Brendler lowered the firm’s price target on Coinbase to $55 from $70 but keeps a Buy rating on the shares. While crypto trading volumes have fallen precipitously post-FTX implosion, Coinbase is making the right moves to protect the franchise and is increasingly likely to be the long-run winner, the analyst tells investors in a research note. Brendler adds that the "aggressive" cost-cutting moves announced by the company are painful, but the "darkening" top line outlook necessitates these aggressive actions to protect profitability.