UPDATE: Coinbase Global Inc. (COIN) PT Lowered to $100 at US Tiger Securities, Maintains Sell noting 'Soft Trading Volumes Continue into 2Q'
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US Tiger Securities analyst Bo Pei lowered the price target on Coinbase Global Inc. (NASDAQ: COIN) to $100.00 (from $135.00) while maintaining a Sell rating.
The analyst comments "Ahead of COIN's 1Q:22 earnings next Tuesday (5/10) after the market close, we are maintaining our SELL rating and decreasing price target to $100 (was $135). The crypto market finished 1Q with less excitement and showing a strong correlation with the broader tech space, weighing on the overall crypto trading volume. Based on data from The Block, total spot trading volume of 31 major CEXs was $3.4T in 1Q, down 38% sequentially. According to data from Nomics, COIN's 1Q trading volume was $309B, down 43% q/q or 7% y/y. The soft trend continued in 2Q, with 70.5B crypto traded on COIN in April, down 22% from March. Moreover, data suggest that COIN is struggling to gain shares from peer CEXs, with COIN's spot trading market share (among 31 major CEXs) decreasing from 9.5% in January to 7.0% in April. As we argued in our initiation report, we believe this is due to investors becoming more fee-sensitive in a bear market and migrating to cheaper platforms."
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