On February 6, Citigroup significantly lowered its target price for Coinbase stock from $505 to $400, mainly due to declining risk appetite in the crypto market, weaker trading volume, reduced institutional trading activity, and uncertainty surrounding the progress of legislation on the US crypto market structure.
Coinbase's stock price has currently retreated by about 65% from its all-time high of around $450, but the latest target price still represents more than double the current closing price of around $146. However, Citi maintains its "Buy/High Risk" rating on Coinbase, believing the company remains an industry leader and is poised to benefit in the long term from a more robust US cryptocurrency regulatory framework. (CoinDesk)
