Citi cuts Coinbase price target by 41%, maintains Buy rating

COIN +2.85% RACE -1.27% FFAI -4.88%

1. 1Citi lowered its price target on Coinbase (COIN) from $400 to $235, a 41% cut, while keeping its Buy rating
2. 2The revision came on July 24, with the analyst citing second-quarter spot trading volumes near a two-year low, viewing it as a cyclical trough
3. 3The caution comes after the previous quarter missed revenue estimates and a roughly 29% year-to-date share price decline, ahead of second-quarter results after today's market close

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