Piper Sandler and Bernstein Lower Coinbase Price Targets, While BofA Upgrades to 'Buy'

According to ChainCatcher, Piper Sandler has lowered its price target for Coinbase from $350 to $270, maintaining a "neutral" rating. Previously, Bernstein also reduced its price target for Coinbase from $510 to $440. Meanwhile, Bank of America Securities upgraded Coinbase's investment rating from "neutral" to "buy," keeping its price target unchanged at $340. The bank noted that although the stock has declined about 40% from its peak in July last year, beneath the cryptocurrency market correction in the fourth quarter of last year, the company accelerated its product development and simultaneously expanded its total addressable market. The bank is optimistic about Coinbase's efforts to evolve into a "full-service exchange" and its strategy to cross-sell more products to existing users. U.S. stock market data shows that Coinbase's current stock price is approximately $240, with a total market capitalization of about $64.5 billion.