Citigroup lowers Coinbase price target to $400

Citigroup has lowered its price target for Coinbase (COIN) to $400 per share from $505, CoinDesk reported. The bank had previously raised its target to $505 last July, when COIN stock was trading near its all-time high of around $450. The report cited declining trading volumes, a slowdown in institutional investor activity, and uncertainty surrounding the timing of U.S. crypto legislation as reasons for the adjustment. It also identified progress on a bill for crypto market structure (CLARITY) as a key catalyst for a potential recovery in the stock's price. At the same time, Citigroup maintained its Buy/High Risk rating for Coinbase.