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On February 13, Needham cut its price target for Coinbase Global Inc. (NASDAQ:COIN) from $290 to $230 while maintaining a Buy rating on the shares. The move followed Coinbase’s latest quarterly results, which were in line with market expectations. Needham expressed concern about bitcoin trading volatility in the first quarter of 2026, as well as management’s efforts to keep spending steady amid market challenges. During the most recent market decline, Coinbase’s retail clients were net buyers.
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The firm noted Coinbase’s implementation of prediction markets, diversified revenue through additional assets, and stock buybacks. Needham added the expansion into global markets and derivatives as advantages, noting that Coinbase Global Inc. (NASDAQ:COIN) might further shift toward tokenizing tangible assets. Needham trimmed Coinbase Global Inc.’s price target to $230 from $290 while preserving a Buy rating, following Coinbase’s latest quarterly results that were in line with expectations. The note frames the move within a cautious near-term view of the crypto environment.
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Needham expresses concern about bitcoin volatility in the first quarter of 2026 and questions management’s ability to curb spending amid a challenging market. The firm notes that Coinbase’s retail customers were net buyers during the recent pullback. Needham highlights Coinbase’s strategic initiatives, including prediction markets, broader asset exposure, and stock buybacks, as positive catalysts. It also points to expansion into global markets and derivatives, suggesting the company could further advance tokenization of tangible assets.
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