US Tiger analyst Bo Pei downgraded Coinbase (COIN) to Hold from Buy with an unchanged price target of $350 with Bitcoin (BTC) reaching $100,000. The firm notes that in late October, when Bitcoin was trading below $70,000, it had assigned a 70% probability for the price to hit $100,000 by the second half of 2025. Now that this scenario has materialized, the firm still projects a cycle top of $120-$130,000, but acknowledges that downside risks have increased, and upside potential has diminished for Coinbase.
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