Cantor Fitzgerald Analyst Cuts Crypto Stock Targets Amid Market Sell-Off
Cantor Fitzgerald's analyst Ramsey El-Assal has lowered price targets on several major crypto stocks. He cut his target for Coinbase Global (COIN) to $184 from $250, while keeping an 'Overweight' rating. The same move was made on Strategy (MSTR), with a new target of $186, down from $212.
Robinhood Markets (HOOD) also saw its price target reduced to $115 from $130, but El-Assal maintained his 'Overweight' rating for the company. These changes come as Bitcoin's price has fallen around 21% over the last three months, putting pressure on crypto-related stocks.
The analyst emphasized that these lower targets were due to updated valuation assumptions, rather than a change in the long-term view. He remains positive on all three names and suggests buying into current weakness. This could be influenced by upcoming legislation, particularly the CLARITY Act making its way through Congress with five days left before August recess.
Strategy has come under criticism for selling Bitcoin, which it typically accumulates as part of its strategy. Meanwhile, Robinhood is pushing forward with tokenization efforts, despite some regulatory questions. The company's U.K. registration ahead of new regulations there could be a key development in the space.