Crypto Exchange Coinbase Draws Mixed Reaction on Wall Street After Weak Q3

“We believe the visibility of COIN generating positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in 2023 has increased, and its ability to diversify and generate non-trading revenue is still underappreciated,” Lau wrote in a research note to clients. Lau continued with an outperform rating on Coinbase’s shares and a $107 price target, or nearly double the current price of $57.