Wall Street Analysts Cut Price Targets for Coinbase After Third Consecutive Quarterly Loss
Coinbase (COIN) reported a third consecutive quarterly loss, missing earnings expectations with a $1.36 per share deficit against an expected 17 cents loss and falling short on revenue projections. Revenue came in at $1.22 billion versus the anticipated $1.29 billion. Trading activity dropped by 24% compared to Q1 due to minimal price swings, while subscription services also underperformed with $555 million against a target of $594 million. Despite these setbacks, most Wall Street analysts maintained 'Buy' ratings for Coinbase stock but reduced their price targets. Benchmark cut its forecast from $270 to $230; Needham and Rosenblatt lowered theirs significantly as well. Barclays was the only firm with a negative outlook ('Underweight'), setting a target of $95. Analysts remain optimistic about Coinbase's long-term potential, citing growth in non-trading areas such as perpetual futures, stocks trading, record market share (10.3% of all crypto trades), and rising membership for its paid platform.
Tickers: $COIN