Monness Slashes Coinbase Price Target Over Stablecoin Worries

Monness Crespi Hardt has reduced its price target for Coinbase to $120, citing concerns over stablecoin issues as a major factor in the decision.

The firm maintains a Sell rating on the cryptocurrency exchange operator, despite some analysts expressing optimism about the company's prospects. Market weakness and declining trading volumes have led several firms to revise their earnings estimates downwards.

Monness noted that recent market fluctuations, including a 46% decline over the past six months, are likely contributing to the sell-off. The stock currently trades at $159.05, well below its 52-week high of $444.64.