Coinbase (COIN) Tumbles 9% as Baird Cuts Target, Bitcoin Slumps

Coinbase Global Inc. (NASDAQ: COIN) shares fell 9% on June 6, 2026, after Baird named the stock a “Bearish Fresh Pick” and Bitcoin plunged nearly 6% to its lowest level since April. The decline added to a year-to-date loss of 35.6%. Baird analyst David Koning lowered the price target to $142 from $160 and maintained a Neutral rating, projecting Q2 revenue will miss Wall Street consensus by 5-6%. Koning said a pickup in early June trading activity reflected investors selling Bitcoin rather than deploying fresh capital into crypto. A stronger-than-expected May U.S. jobs report further pressured the shares by reinforcing expectations the Federal Reserve will keep interest rates elevated, which diminishes growth-stock valuations. Coinbase trades at $152.45 per share, down 63.7% from its 52-week high of $419.78 set in July 2025.