Barclays cuts Coinbase to Underweight with a $140 target, from $148

Barclays moved Coinbase from Neutral to Underweight and lowered its price target to $140 from $148. The bank argued that falling global crypto trading would weigh on profits ahead of the first-quarter report, forecasting about $196 billion of Q1 2026 trading volume. It also said Coinbase's push into stocks and wealth management faces fierce competition. The stock was down about 20% year to date at the time.

• Rating cut to Underweight from Neutral
• Price target $140, down from $148
• Barclays forecasts about $196 billion of Q1 2026 trading volume
• Trading volumes at levels not seen since late 2023
• Stock down about 20% year to date at the time of the note