As previously reported, Monness Crespi downgraded Coinbase (COIN) to Sell from Buy with a $120 price target as the firm is cutting estimates “again” ahead of the company’s Q4 report. The firm says its prior assumption of a steady recovery over the course of calendar 2026 was “foolish” given the typical length and magnitude of crypto bear markets, telling investors that it now models softness through the first half of 2026 and sets its calendar 2026 and 2027 estimates below the Street view. The firm expects better entry points in the future, the analyst added.
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