Freedom Broker Trims Coinbase Price Target After Weak Q2 Results

Freedom Broker reduced its price target for Coinbase Global Inc. to $185 from $225 while maintaining a Buy rating following the company's second-quarter results.

Coinbase reported diluted GAAP earnings per share of negative $1.36, compared with consensus expectations of negative $0.44.

Adjusted EPS came in at negative $0.40 versus the consensus estimate of positive $0.12.

Total revenue of $1.22 billion declined 14% sequentially and missed the Street expectation of $1.29 billion by roughly 5%.