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Baird Trims Coinbase Price Target Amid Crypto Market Weakness

Guavy AI Editorial Team
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Baird, a prominent investment firm, has reduced its price target for Coinbase Global Inc. (NASDAQ:COIN) to $130 from $142.

This decision comes after Coinbase's second-quarter results fell short of expectations, with revenue declining by 13.7% quarter-over-quarter and 18.5% year-over-year.

The firm also cited weak crypto trading volumes and overall market conditions as contributing factors to the revenue shortfall.

Baird maintained a Neutral rating on Coinbase despite these challenges, but its revised forecast assumes revenue growth of 28% year-over-year with approximately 100% incremental margins.

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