Baird has cut its price target for Coinbase Global (NASDAQ: COIN) to $160, down from $200, while maintaining a Neutral rating. This adjustment follows a 26% decline in trading volumes in the first quarter and a significant loss of -$1.49 per share, which was well below the expected $0.29 EPS. The firm has also lowered its earnings per share estimates for 2026, projecting $2.02 instead of $4.24, with a potential breakeven point in the first half of 2026. Analysts are generally bearish, with 13 adjusting their estimates downward. Despite these challenges, Baird acknowledges Coinbase's strong market position but notes the risks posed by increasing competition and regulatory uncertainties. Other analysts have also reacted to Coinbase's weak quarterly results, with varying price targets reflecting mixed sentiment in the crypto market.