Coinbase Remains a Market Leader Despite Near-Term Headwinds, Analysts Say

“Still, COIN remains an attractive story for those that want to buy it on spot price weakness as the company continues to expand, diversify and gain share against the backdrop of a potentially hyper growth TAM,” Canaccord’s Joseph Vafi said in a note, referring to total addressable market, or potential market size. The firm maintained a buy rating and reduced its price target to $275 from $342, citing potential for volatility in Coinbase’s margin profile.