Barclays Leads Seven Bank Cuts on Coinbase (COIN) With $120 Target
Key Takeaways
- •Seven Wall Street firms lowered their price objectives for Coinbase on Friday following the company's disclosure of a weak start to the fourth quarter.
- •Barclays set the lowest target of the group at $120, down from $149 and roughly 25% below the stock's Thursday closing price of $160.59.
- •Wells Fargo reduced its price objective on Coinbase to $174 from $200.
- •The breadth of the cuts reflects Coinbase's dependence on exchange transaction fees, which has historically linked its results to cryptocurrency trading activity.
- •Coinbase's complete fourth-quarter figures, including trading volume and transaction revenue, are expected in its upcoming quarterly results and accompanying shareholder letter.
Seven Wall Street firms lowered their price targets for Coinbase Global (NASDAQ: COIN) on Friday after the company disclosed a weak start to the fourth quarter.
Barclays set the lowest target of the group, cutting its price objective to $120 from $149. The revised level sits 25% below Thursday's closing price of $160.59.
Wells Fargo also reduced its target, moving to $174 from $200.
The breadth of the cuts reflects the structure of Coinbase's business: the company generates a large share of its revenue from transaction fees on its exchange platform, and its results have historically moved with cryptocurrency trading activity — a linkage analysts weigh when company disclosures land between quarterly reports.
Analyst price targets represent individual firms' estimates of a stock's fair value over a set horizon and are routinely revised following company disclosures, earnings updates, or shifts in operating conditions. Coinbase operates one of the largest cryptocurrency exchange platforms in the United States and listed its Class A common stock on the Nasdaq through a direct listing in April 2021 under the ticker COIN.
The complete fourth-quarter picture will come with Coinbase's quarterly results, typically published alongside a shareholder letter that breaks out trading volume and transaction revenue — figures most directly relevant to the early-quarter update that prompted Friday's revisions.
This content was first published on COINOTAG: https://en.coinotag.com/seven-banks-cut-coinbase-coin-price-targets-barclays-120
