Piper Sandler analyst Patrick Moley revised the price target for Coinbase Global (COIN), reducing it to $270.00 from the previous $350.00. Despite the substantial cut, the firm maintained its "Neutral" rating on the stock.
The reduction represents a 22.86% decrease in Piper Sandler’s valuation assessment for the cryptocurrency exchange. This adjustment follows other recent analyst actions, including a price target reduction issued by Oppenheimer on January 12.
Separately, Coinbase enabled spot trading for Raydium (RAY) on January 14; the token operates on the Solana blockchain. The exchange also acknowledged a network issue causing potential delays in transactions for users.