Citi: Cuts Coinbase Price Target to $275, Maintains Buy Rating

Citi analyst Peter Christiansen cut his price target on Coinbase (COIN.O) to $275 from $300, maintaining a buy rating.

The analyst said the recent volatility in cryptocurrency prices may have hindered trading activity on the Coinbase platform. To expand internationally, Coinbase expects spending on technology, development and general administrative expenses (excluding stock compensation) to increase to $4.25 billion to $5.25 billion this year, up from $1.41 billion in 2021.

Christiansen agrees with the move, arguing that the increased technology/product development spending will translate into new features (i.e. the expected NFT platform) that will help drive product differentiation.