H.C. Wainwright Cuts Coinbase Stock Price Target on Weak Q1 Results

H.C. Wainwright has reduced its stock price target for Coinbase Global to $310 from $350, citing weaker-than-expected first-quarter results. Despite this adjustment, the investment firm maintains a 'Buy' rating on the company.

The first-quarter results were reported after the close on May 7 and showed that Coinbase's revenue and adjusted EBITDA fell short of expectations. However, management remains confident in the company's strategic priorities for 2026, including the development of an Everything Exchange and increased adoption of stablecoins.

H.C. Wainwright expects a rebound in crypto prices and trading volumes in the second half of the year, which could lead to improved results for Coinbase. The firm notes that the company's adjusted core expense guidance for 2026 is approximately $500 million lower than the annualized run rate exiting the fourth quarter of 2025.