Citi cuts Coinbase price target to $400 after stock's 65% plunge from record high

Citigroup analysts reduced their price target for Coinbase (COIN) to $400 from $505, citing a risk-off environment, weaker trading volumes, softer institutional activity, and delays concerning U.S. crypto legislation. This new target still represents a significant upside from COIN's recent closing price of $146, despite the stock having fallen sharply from its record high near $450. Citi maintained its buy/high risk rating, viewing Coinbase as the category leader poised to benefit from future crypto reform, with progress on the CLARITY Act being the key catalyst. The bank now anticipates Senate negotiations on the market structure bill will extend beyond 2026. Furthermore, Citi trimmed its Q4 2025 revenue forecast by about 10% and now projects a GAAP EPS loss of $2.64 for the quarter, factoring in mark-to-market declines on crypto holdings.

(Source：CoinDesk)