BofA lowered the firm’s price target on Coinbase to $60 from $63 and keeps an Underperform rating on the shares. The firm reduced top line estimates for FY23 and FY24, which caused it to lower its adjusted EBITDA forecasts to $765M and $859M from $876M and $1.075B, respectively, for 2023 and 2024. Regulatory concerns remain and the firm expect the SEC litigation overhang to persist, the analyst added.
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