A top analyst slashed his Coinbase price target by 11% — and still sees 110% upside

Coinbase is on track to post first-quarter EBITDA of $292 million, a figure 38% below the $469 million consensus estimate, according to Citizens JMP analyst Devin Ryan. The shortfall reflects weaker crypto trading volumes and falling asset prices, which are compressing revenue and balance sheet values at the exchange. In response, Ryan has cut his price target on Coinbase from $400 to $355, trimming 11% off his prior Street-high forecast. The new target still implies 110% upside from current levels. He maintains a Buy rating and keeps Coinbase on his 'Top Ideas' list for 2026. The downbeat near-term outlook incorporates delayed regulatory clarity, including on the Clarity Act, which Ryan believes will eventually accelerate demand for tokenized assets and stablecoins. For now, though, lower trading activity and postponed policy resolution are prompting modest reductions to long-term estimates — even as the bullish case holds.