Coinbase Rated Underperform in New Coverage on Lack of ‘Crypto Innovation’

Coinbase Rated Underperform in New Coverage on Lack of ‘Crypto Innovation’
Coinbase Global (Nasdaq: COIN) was rated at underperform with a $160 price target at Autonomous Research, which cited the exchange’s lack of crypto innovation. Shares of the crypto exchange closed Wednesday trading at $246.78, down 1%.Coinbase is “rapidly” losing market share and seeing “significant take rate compression” as competition from other exchanges such as Binance, FTX and Robinhood intensifies, Autonomous Research analyst Christian Bolu wrote in a note.Bolu said what’s most concerning is that Coinbase appears to be “lagging on almost every crypto innovation (including altcoins, derivatives, NFTs).” If that trend continues, he said, the crypto exchange could rapidly lose…