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.
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Read More on COIN:
- Coinbase (NASDAQ:COIN) Gains as Losses Shrink in Q3
- Coinbase price target raised to $80 from $74 at JPMorgan
- Coinbase price target lowered to $67 from $68 at Barclays
- Coinbase sees Q4 subscription and services revenue flat with Q3
- Coinbase reports Q3 adjusted EBITDA $181M vs ($116M) last year
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