Oppenheimer Slashes Coinbase Target Price to $193

Coinbase Global (NASDAQ:COIN) had its target price reduced to $193.00 by equities researchers at Oppenheimer, according to a note issued to investors on Friday.

The firm presently has an 'outperform' rating on the cryptocurrency exchange's stock and believes that the company will see a potential upside of 34.78% from the stock's previous close.

This move comes as Coinbase reported its second-quarter earnings, which included a GAAP loss of $1.36 per diluted share and revenue that fell about 19% year over year to $1.22 billion.

Oppenheimer's target price reduction is in line with several other firms that have lowered their price targets for Coinbase after the company's earnings miss, highlighting near-term uncertainty.