Coinbase shares fall after BTIG analyst lowers price target

Coinbase Global (COIN) fell by ~10% pre-market after BTIG Analyst Mark Palmer lowered the price target on the crypto company to $290 from $380, citing a "severe crypto market downturn". Palmer kept a Buy rating on the shares. The analyst believes the company is large and well capitalized, and is positioned to benefit from a material shakeout in the global crypto exchange space. On the other hand, Mizuho Analyst Dan Dolev kept a Neutral rating on the shares with a $45 price target. Coinbase volume trends in May and June highlights a potential decline in appetite for crypto trading versus the last two years, according to Dolev. Seeking Alpha's Quant Rating system gives the shares a Strong Sell rating, and 6 out of 17 Seeking Alpha authors gave the company a Sell rating in the last 30 days. "COIN has negative EPS revisions and declining growth when compared to other financials stocks,"