Citi Lowers Coinbase Price Target to $400 Amid Regulatory Uncertainty (COIN)

Citigroup lowered its price target on Coinbase (COIN) to $400 from $505, citing reduced trading volumes, softer institutional buying, and uncertainty over U.S. crypto legislation. The stock plunged 65% from its record high near $450, with pre-market gains on Friday as broader crypto markets briefly recovered after Bitcoin fell to $60,000. The firm reiterated a buy/high risk rating, maintaining confidence in Coinbase as a leader受益 from eventual reform, but now expects Senate negotiations on the CLARITY Act to extend beyond 2026. Coinbase suspended support for a sweeping digital assets bill in July 2025 over provisions perceived to harm consumers and competition. Analysts trimmed Q4 2025 net revenue guidance to $1.69B (about 4% below consensus) and forecast a GAAP EPS loss of $2.64, reflecting $2.3B in mark-to-market declines and Coinbase’s stake in Circle. The company will report Q4 and 2025 full-year results on February 12.