Baird Cuts Coinbase Price Target Amid Trading Volatility

Baird reduced its price target for Coinbase Global Inc. shares to $142 from $160, maintaining a Neutral rating on the stock.

The firm designated Coinbase as a Bearish Fresh Pick due to weak trading volumes that are expected to result in second-quarter revenue missing Street estimates by 5% to 6%.

Coinbase's stock has declined 16.5% over the past week and trades near its 52-week low of $139.36, according to InvestingPro data.

The passage of the CLARITY Act remains uncertain, with varying probabilities estimated by different political figures, which Baird considers likely until after mid-term elections.