Coinbase Global (NASDAQ:COIN) shares have dropped nearly 85% over the past year and analysts stay cautious about the stock.
On top of a challenging financial performance by the company, the recent FTX woes add to the uncertainty. Overall, the stock has a Moderate Buy consensus rating based on nine Buys, seven Holds, and three Sells.
While the average price target of $75.50 indicates a 70.5% potential upside in COIN shares, the journey to that mark could be daunting.
Needham’s John Todaro sees the implosion at FTX posing more “bigger-picture” risks for COIN. Mizuho Securities’ Dan Dolev’s $42 price target on the stock points to a potential 5.1% downside and Dolev notes that investors should not read too much into the FTX situation as other crypto exchanges have made more market share gains.
In a recent interview with CNBC, the analyst noted that “Crypto is dead and investing in Coinbase is just a waste of time.”
How things pan out for COIN in the coming months remains to be seen even as stock-specific risks remain challenging.
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