Compass Point lowered the firm’s price target on Coinbase (COIN) to $230 from $266 and keeps a Sell rating on the shares ahead of the company’s product event scheduled for December 17. Robinhood (HOOD) hosted a similar crypto event on June 30, which supported Robinhood’s 41% rally in June and Coinbase investors are now asking whether Coinbase’s upcoming event can provide a similar catalyst, notes the analyst, who highlighted three product announcements the firm is expecting. However, the firm doesn’t believe these materially impact Coinbase’s P&L and the firm could see the event disappointing investor expectations. Softer crypto markets reduce the firm’s 2026 forecasts, adds the analyst, who sees Q4 revenue is tracking about 5% below the Street view.
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