Coinbase Shares Are Very Unattractive Heading Into First Half, Mizuho Securities Says

Coinbase Shares Are Very Unattractive Heading Into First Half, Mizuho Securities Says
Renewed signs of a “crypto desert” coupled with declining yields make Coinbase especially unattractive heading into the first half of this year, Mizuho Securities said in an analyst report published Tuesday, cutting its price target for the shares to $220 from $300.Mizuho forecasts the crypto exchange had trading volume of about $525 billion in fourth-quarter 2021, up around 60% sequentially, implying revenue of about $2 billion. This is relatively in line with consensus, the analysts wrote.For the first quarter, the bank sees “significant downside to consensus revenue expectations,” and if current trends persist, the company could fall short of earnings…