JPMorgan Cuts PT on Coinbase Global (COIN) to $290 From $399

Coinbase Global, Inc. (NASDAQ:COIN) is one of the most oversold NASDAQ stocks to invest in. JPMorgan cut the price target on Coinbase Global, Inc. (NASDAQ:COIN) to $290 from $399 on February 10, reaffirming an Overweight rating on the shares ahead of the fiscal Q4 report. Coinbase Global, Inc. (NASDAQ:COIN) also received a rating update from Citi on February 9, which cut the price target on the stock to $400 from $505 while keeping a Buy rating on the shares.

In another development, BTIG revised the price target on Coinbase Global, Inc. (NASDAQ:COIN) to $340 from $420 on February 5. The firm released the rating update ahead of the company’s fiscal Q4 report on February 12, and maintained a Buy rating on the shares. It told investors in a research note that the stock has fallen 49% since the Q3 report, in comparison to the total crypto market cap falling 32%.

BTIG sees an attractive entry point for Coinbase Global, Inc.’s (NASDAQ:COIN) at current share levels, adding that the company is “creating a flywheel” between its trading business and digital asset applications. It sees the fiscal Q4 report showing the company’s revenue diversification beyond “volatile” transaction revenues. Coinbase Global, Inc. (NASDAQ:COIN) also received a rating update from Barclays on February 3, which maintained a Hold rating on the stock with a $258 price target.

Coinbase Global, Inc. (NASDAQ:COIN) provides a platform for customers to engage with crypto assets and offers critical infrastructure for the on-chain economy. The company offers services and products to three customer groups: Consumers, Institutions, and Developers.

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Disclosure: None. This article is originally published at Insider Monkey.