Mizuho Cuts Coinbase Price Target Amid Crypto Market Volatility Concerns
Financial services firm Mizuho has lowered its price target for Coinbase Global Inc. (NASDAQ:COIN) to $155, citing concerns over revenue volatility tied to cryptocurrency market fluctuations.
The move comes after Coinbase's second-quarter results fell short of consensus expectations on both revenue and earnings.
Mizuho acknowledged Coinbase's position as a prominent cryptocurrency platform in Western markets but noted that subscription and services revenue remains insufficient to support the stock's current valuation.
The firm pointed out that near-term headwinds include softer trading volumes and uncertainty around the prediction market business trajectory.