7 Banks Change Their Coinbase Stock Price Targets After Q3 Earnings

Seven Wall Street firms cut their Coinbase (COIN) price targets on Friday after a weak start to the fourth quarter. Trading fees reached only about $165 million through October 25, and the stock fell 6% to $150.75 before the open. Wall Street cut its Coinbase forecasts because people are trading less crypto, and Coinbase makes most of its money from fees on each trade. Why Does $165 Million in 25 Days Worry the Banks? A price target is an analyst’s estimate of where a stock will trade in 12 months. Trading fees made up nearly half of Coinbase’s $1.22 billion in third-quarter revenue, so a slower pace cuts the earnings estimates behind those targets.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.