Citi Lowers Coinbase Price Target to $400 Following 65% Stock Drop

Citi has reduced its price target for Coinbase to $400 after a significant decline in the stock value due to market conditions and regulatory delays.

Citi has revised its price target for Coinbase, now setting it at $400, reflecting a steep decline of 65% from its all-time high. This adjustment comes in light of a challenging risk-averse climate for cryptocurrencies, coupled with ongoing delays concerning U.S. market structure legislation.

As the cryptocurrency market continues to face significant headwinds, the bank has also lowered its projections for Coinbase's revenue and earnings. With the current environment prompting caution among investors, these changes signal the difficulties facing digital asset exchanges.