Cantor Fitzgerald Analyst Cuts Price Targets for Coinbase and Strategy

Cantor Fitzgerald's analyst Ramsey El-Assal has taken a more conservative stance on crypto stock valuations, lowering price targets for several prominent players in the space. The analyst cut Coinbase Global (COIN) to $184 from $250, Strategy (MSTR) to $186 from $212, and Robinhood Markets (HOOD) to $115 from $130, while maintaining an 'Overweight' rating on all three stocks.

The move comes as the broader crypto market faces pressure due to a 21% decline in Bitcoin's price over the last three months. The CLARITY Act has been making its way through Congress, with five days left before the August recess. This bill is seen as a key catalyst for U.S.-listed crypto platforms like Coinbase.

Despite the lower price targets, El-Assal remains positive on these stocks, citing updated valuation assumptions rather than a change in his long-term view. The analyst also acknowledged that these companies are navigating challenging market conditions, with Coinbase's revenue falling short of expectations in its second quarter.