Compass Point downgraded Coinbase (COIN) to Sell from Neutral with a price target of $248, down from $330. The firm remains constructive on the current crypto cycle, but expects a “choppy” Q3 with weak August and September seasonality along with waning retail interest in crypto treasury stocks. In addition, increasing stablecoin competition will weigh on both Coinbase and Circle Internet’s (CRCL) valuations in the second half of 2025, the analyst tells investors in a research note. Compass Point believes Coinbase’s Q2 and Q3 trends show weakening earnings despite the ongoing crypto bull market. The firm sees limited valuation support for Coinbase if crypto markets sell off further.
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