Barclays analyst Benjamin Budish lowered the firm’s price target on Coinbase to $68 from $70 and keeps an Underweight rating on the shares ahead of the Q3 report. Spot exchange volumes worsened every month throughout the quarter, and total volumes were the lowest since Q4 of 2020, the analyst tells investors in a research note. While there are some potential catalysts for the stock, it “remains to be seen if these will drive P&L upside,” says the firm.
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