Coincheck price target lowered to $2.70 from $3.50 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Coincheck (CNCK) to $2.70 from $3.50 and keeps a Neutral rating on the shares, citing the pullback in peer multiples. Coincheck experienced strong month-to-month volume growth in October, followed by declines in November and December, resulting in total exchange-traded volume up 27.4% quarter-over-quarter, the analyst tells investors in a research note. However, marketplace trading volume, the company’s revenue driver, fell 7.4% q/q, suggesting that shares may be approaching a valuation bottom, especially after the 3iQ closing, the firm says.