Mizuho lowered the firm’s price target on Coinbase (COIN) to $280 from $290 and keeps a Neutral rating on the shares. The shares are down 13% since reporting a “strong” Q4, which could be rooted in fresh competition in USD coin due to the recently announced partnership between Binance and Circle, the analyst tells investors in a research note. The firm believes both Coinbase and Binance have strong distribution arms that can help Circle grow USD coin adoption. Coinbase should be a net beneficiary of this, even if it has a smaller percentage share of the growing pie, contends Mizuho.
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