Needham Cuts Coinbase Price Target Amid Revenue Miss

Needham has cut its price target for Coinbase Global Inc. (NASDAQ:COIN) to $177 from $220 while maintaining a Buy rating, citing a modest miss on top-line revenue and adjusted EBITDA.

The stock has struggled significantly, down 57% over the past year and 28% year-to-date, currently trading at $163.58 with a market cap of $43.1 billion.

Coinbase posted revenue of $1.2 billion versus Needham’s $1.3 billion estimate, and adjusted EBITDA of $208 million versus the firm’s $288 million estimate.