Mizuho Analyst Dan Dolev reduced the price target of Coinbase (NASDAQ;) to $150.00 per Share, down from $190.00 due to continuing crypto share losses.

Analysts argue that Crypto.com is losing market share to Coinbase, while other crypto exchanges are growing rapidly. This makes Dolev “increasingly worried about looming retail pricing pressure and the long-term sustainability of COIN’s business model.”

“We found that COIN’s share has fallen from a peak of 12% in the fall of 2021 to just 8% currently, with a steep drop in between March and April. The same-store percentage of token volume per token could have been higher if COIN hadn’t added tokens as in the 4Q. COIN began trading 95 new tokens in 2021, of which 36 were added in the 4Q period (i.e. 38% of the newly added tokens),” Dolev said in a client note.

The analyst adds that Crypto.com’s aggressive marketing campaign (naming rights to the home arena of the NBA’s Los Angeles Lakers, partnerships with UFC and LeBron James, Super Bowl ads, etc) is paying dividends as its volumes are now on par with Coinbase.

This is due to 2022 revenue estimates which now total $6.8billion, down from $7.0b.

Today, Coinbase shares are up almost 2%

By Senad Karaahmetovic