Coinbase (COIN) PT Lowered to $200 at Rosenblatt, 'we still see COIN's 2Q26 results a clear miss'

Rosenblatt analyst Chris Brendler lowered the price target on Coinbase (NASDAQ: COIN) to $200.00 (from $240.00) while maintaining a Buy rating.

The analyst comments "Against low expectations, we still see COIN's 2Q26 results a clear miss as deepening crypto weakness drove widespread top line underperformance. In our view, however, the shortfall is cyclical, driven by the sector-wide volume slump, not competitive pressure on COIN's franchise. Indeed, we believe most metrics that matter most got better this quarter including record global exchange market share (10.3%), rapid scaling in new products (record derivatives market share, prediction revenue doubled Q/Q), and (3) BASE extended its massive lead in agentic payments. Combined with timely expense cuts to protect profitability through the latest crypto winter, we continue to view COIN as the most compelling franchise in the sector. As such, we reiterate our BUY rating but lower our Price Target from $240 to $200, now based on 25x our 2028 Adjusted EBITDA estimate."

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