Needham adjusted its price target on Coinbase Global (COIN) to $290, down from a previous $400. The firm maintained its Buy rating on the stock.
This analyst revision followed reports detailing comments from CEO Brian Armstrong. Armstrong stated on a podcast that Bitcoin serves as a "check and balance" for the U.S. dollar and hedges against inflation, rather than acting as an existential rival.
Separately, news circulated regarding the arrest of a former Coinbase customer service employee in India. The arrest connects to a past customer data theft incident.
Retail sentiment around COIN on Stocktwits trended 'bearish' amid low levels of discussion.