Compass Point lowered its price target on Coinbase Global Inc. to $190 from $230. The firm reiterated a Sell rating on the stock.
The analyst firm expects Coinbase to miss fourth-quarter revenue forecasts by about 4%. Compass Point cited underperformance in both the trading and subscription segments.
The firm expressed specific concerns regarding stablecoin revenue. Compass Point anticipates this revenue stream will decline in the first half of 2026. This decline could surprise investors focused on subscription and services growth.
The report also noted that progress on the CLARITY Act legislation has stalled.