Coinbase: Analyst Slashes Price Target, Says Investors 'Miss The Big Picture'

Coinbase Global Inc (NASDAQ:COIN) hosted a System Update event on Wednesday after the market closed.

The company, which is on a mission to be the "Everything Exchange," made several notable product announcements, including the launch of equities trading and prediction markets, according to Cantor Fitzgerald.

The Coinbase Global Analyst: Analyst Brett Knoblauch maintained an Overweight rating, but reduced the price target from $459 to $320.

The Coinbase Global Thesis: The biggest takeaway from the event is that the company is "well on its way to no longer being just a cyclical cryptocurrency trading platform," Knoblauch said in the note.

Check out other analyst stock ratings.

The analyst mentioned the following announcements by Coinbase Global:

• App now has a dedicated section for stock trading
• New prediction markets tab enables users to buy event contracts across categories like crypto, news, sports, and entertainment
• Crypto derivatives are added to the offering
• Users can access millions of tokens through in-app DeFi trading, including on Solana

"We believe investors looking at today’s revenue/profitability mix, and not what COIN will look like in five years are significantly missing the big picture," Knoblauch wrote.

The price target has been reduced to reflect the current crypto sentiment, which is expected to negatively impact volumes through 2026, he added.

COIN Price Action: Shares of Coinbase Global had risen by 1.47% to $247.77 at the time of publication on Thursday.

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