Monness Cuts Coinbase Stock Price Target Amid Stablecoin Concerns

Coinbase Global Inc.'s stock price has been cut by Monness, Crespi, Hardt due to concerns over stablecoins. The firm reiterated its Sell rating on the company, maintaining a $120 price target.

According to recent data from CryptoQuant, whales are moving their holdings onto exchanges, which now comprise 64% of Bitcoin moving onto exchanges. This trend has been ongoing for day 140 of the current downcycle, with an average peak-to-trough move spanning approximately 350 days.

The mixed analyst sentiment following Coinbase's recent earnings report is evident, with various adjustments to their price targets. Needham cut its target to $230, attributing the change to weaknesses in crypto trading, while H.C. Wainwright reiterated its Buy rating with a $350 price target.