Bank of America Securities analyst Jason Kupferberg maintains an underperform rating on Coinbase (NASDAQ:COIN) and a $35 price target. The analyst told investors that while Coinbase’s fourth-quarter results beat expectations, its guidance for 2023 is very limited, and we think Wall Street may want more. The analyst said the themes in the earnings report had not changed and remained cautious, believing the company continued to face real headwinds, including regulatory issues, competition and a lack of diversity in revenue.