Citigroup Significantly Lowers Coinbase Price Target But Maintains Buy Rating

BlockBeats News, February 6th: Citigroup has drastically lowered its Coinbase stock price target from $505 to $400, mainly due to decreasing risk appetite in the crypto market, weakening trading volume, declining institutional trading activity, and uncertainty in the progress of U.S. crypto market structure legislation.

The current Coinbase stock price has retraced by about 65% from its historical high of around $450, but the new target price still implies more than a doubling from the current closing price of around $146. However, Citigroup maintains its "Buy/High Risk" rating on Coinbase and believes the company remains a industry leader, poised to benefit in the long term from the improvement of the U.S. crypto regulatory framework. (CoinDesk)