TD Cowen analyst Stephen Glagola raised the firm’s price target on Coinbase to $75 from $39 and keeps an Underperform rating on the shares. The firm thinks the shares carry an excessive market cap against their 2024 outlook of low visibility on trading activity, USDC revenue to declineyear-over-year, limited direct revenue from potential spot ETFs, and expectations for regulatory risk to return as an overhang.
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