Coinbase Global Inc is trading 4.5% down at $156.81 after Baird cut its price target on the stock, compounding pressure from a broad crypto market sell-off and weakness in technology shares.
- Baird analyst Robert Bamberger lowered the price target on COIN to $142 from $160, citing concerns over declining trading volumes and naming the stock a "Bearish Fresh Pick."
- The negative analyst action comes amid a wider downturn in digital assets, with reports of a broad sell-off impacting Bitcoin and Ethereum and triggering over $1B in liquidations.
- The Nasdaq is also under pressure, adding to negative sentiment for high-beta, tech-correlated stocks like Coinbase.