Citizens JMP lowers Coinbase stock price target to $400 from $475

Investing.com - Citizens JMP has lowered its price target on Coinbase Global Inc. (NASDAQ:COIN) to $400.00 from $475.00 while maintaining a Market Outperform rating on the stock. The cryptocurrency exchange platform, currently trading at $387.06, has demonstrated remarkable momentum with a 78% return over the past year and is trading near its 52-week high of $395.50.

The price target reduction represents a 16% decrease from the firm’s previous valuation of the cryptocurrency exchange platform.

Despite the lower price target, Citizens JMP continues to view Coinbase as a core portfolio holding for the long-term, according to the firm’s analysis.

The firm indicated that it is "generally sticking with the stocks" it views as essential portfolio holdings, with Coinbase remaining among its favorite stocks positioned as "secular winners."

Citizens JMP noted that while investors have different risk tolerances and portfolio objectives, its fundamental assessment of Coinbase as a long-term investment opportunity remains largely unchanged.

In other recent news, Coinbase Global Inc. has announced its acquisition of Liquifi, a platform specializing in token management, which aims to simplify the token launch process for blockchain developers. This strategic move is part of Coinbase’s broader goal to support blockchain protocol development and streamline token management operations. Additionally, Coinbase has partnered with Perplexity AI to provide real-time crypto data, enhancing traders’ decision-making capabilities through Perplexity’s Comet browser. Meanwhile, Raymond (NSE:RYMD) James has maintained its Market Perform rating for Coinbase, expressing caution about the company’s long-term earnings potential due to an uneven cryptocurrency market and potential regulatory changes.

Sequans Communications S.A. has embarked on a bitcoin treasury strategy, purchasing 370 bitcoins as part of a larger plan to accumulate over 3,000 BTC. The company is utilizing Coinbase Prime’s brokerage platform for its digital asset needs. KULR Technology Group has secured a $20 million credit facility from Coinbase Credit, Inc., which will be used to fund its Bitcoin accumulation goals. This facility marks KULR’s first bitcoin-backed credit facility, providing access to non-dilutive capital. These developments highlight ongoing strategic initiatives and partnerships across the cryptocurrency and technology sectors.

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