Today's Most Important Initiations

Wells Fargo initiated coverage on Coinbase Global (NASDAQ: COIN) with an Underweight rating and a price target of $57, highlighting several strong headwinds that impact the company, including (1) a likely decline in retail pricing, (2) rising competition from Binance and FTX, (3) more restrictive government stance toward crypto, and (4) a likely further weakening macro environment.

Cowen initiated coverage on CyberArk Software (NASDAQ: CYBR) with an Outperform rating and a price target of $195.00, noting it believes the company is well-positioned to sustain over 20% revenue growth and double-digit profitability in the coming years.

By Davit Kirakosyan

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