Coinbase price target lowered to $85 from $90 at Jefferies

Jefferies analyst Trevor Williams lowered the firm’s price target on Coinbase to $85 from $90 and keeps a Hold rating on the shares after Q3 adjusted EBITDA exceeded Street expectations driven by opex being about 9% below consensus and a modest net revenue beat. For FY23, the firm now models net revenue of $2.64B and adjusted EBITDA of $814M after flowing through the Q3 beat and its view for trading volume to remain muted, the analyst tells investors.