After losing an estimated 400 basis points of market share to Robinhood (HOOD) in Q2, management commentary from both companies seems to point to further share shift from Coinbase (COIN) to Robinhood in July, Mizuho analyst Dan Dolev tells investors in a research note. The firm believes this may be tied to Coinbase’s “aggressive” price increases for retail traders in recent months. Such increases may prove unsustainable as the company’s share losses mount, the firm contends. It reiterates an Underperform rating on Coinbase with a $27 price target.
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