Coinbase price target raised to $40 from $34 at Wells Fargo

Wells Fargo analyst Jeff Cantwell raised the firm’s price target on Coinbase to $40 from $34 and keeps an Underweight rating on the shares. The firm believes incremental cost controls are supporting EBITDA, but transaction revenue was subdued in Q4 and will remain so in 2023, as Wells expects another year of negative growth.