Summary
- Mizuho Securities reported that it has lowered Coinbase's stock target price from $280 to $217.
- They analyzed that Coinbase's stock price plunged about 20% along with the decline in Bitcoin prices.
- While noting Coinbase's excessive stock price drop amid the overall decline in tech stocks, they maintained a 'neutral' investment rating.
According to The Block, a cryptocurrency-focused media outlet, global securities firm Mizuho Securities has lowered its target price for Coinbase (COIN), the largest cryptocurrency exchange in the US, from $280 to $217 on the 11th (local time).
In its investment memo, Mizuho Securities analyzed that "Bitcoin (BTC) prices fell from $98,000 to $79,000 as of February 20, and Coinbase's stock price also plunged by about 20% during the same period."
The firm added, "While this occurred amid a broader decline in tech stocks, Coinbase's stock price drop seems somewhat excessive," and maintained its 'neutral' investment rating.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
