Coinbase price target raised to $45 from $37 at Barclays

Barclays analyst Benjamin Budish raised the firm’s price target on Coinbase to $45 from $37 and keeps an Equal Weight rating on the shares. Exchange volumes, app download data, and crypto asset prices continued to soften in the quarter, but rising rates are set to be a "material tailwind" for Coinbase, Budish tells investors in a research note. The analyst cut revenue estimates, but says this is offset by $1B of lower operating expenses in fiscal 2023.