Citigroup Significantly Lowers Coinbase Target Price to $400, Maintains Buy Rating

Odaily News Citigroup has significantly lowered its price target for Coinbase stock from $505 to $400, primarily due to decreased risk appetite in the crypto market, weaker trading volumes, reduced institutional trading activity, and uncertainty surrounding the progress of US crypto market structure legislation. Coinbase's current stock price has retreated approximately 65% from its previous all-time high of around $450. However, the new target price still implies over 100% upside potential compared to the recent closing price of around $146. Nevertheless, Citigroup maintains its "Buy/High Risk" rating on Coinbase, believing the company remains an industry leader and stands to benefit in the long term from the maturation of the US crypto regulatory framework. (CoinDesk)