Coinbase price target lowered to $80 from $155 at JMP Securities

JMP Securities analyst Devin Ryan lowered the firm’s price target on Coinbase to $80 from $155 and keeps an Outperform rating on the shares. The crypto space has taken another massive step back over the last 14 months as a result of both fundamental pressures and a crisis of confidence following notable bankruptcies in the industry and the FTX fraud, but while contagion likely will not be fully understood for some time, the industry can still transform into a more fundamental and less speculative asset class, the analyst tells investors in a research note.