
Coinbase COIN.O posted surprise quarterly loss on Thursday, hit by weaker trading volumes during period of broad digital-asset selloff
TRADING DRAGS, STABLECOIN LIVES UP TO ITS NAME
Citizens (cuts PT to $400 from $440) says volatility is inherent in anything that is moving from something small to potentially something very large and path will not be linear
Piper Sandler (cuts PT to 150 from $270) is optimistic on longer-term opportunity
"While token prices have fallen dramatically, we continue seeing strong demand from institutions looking to adopt blockchain initiatives and, in our opinion, COIN has established itself as the most institutionally trusted crypto company in the world." Piper Sandler says
Oppenheimer (cuts PT to $227 from $370) says COIN advanced its Everything Exchange strategy with launches in prediction markets, equities and tokenized equities
Adds that management showed confidence with $1.7 billion buyback and new $2 billion authorization