Coinbase Q2 signals may temper bullish investor sentiment, Mizuho says

Mizuho Securities USA analyst Dan Dolev points to three factors in Coinbase Global's (COIN -0.8%) Q2 that may tame investors' bullishness on the stock — COIN may have lost some bitcoin market share, retail users traded less, and institutional yield continued to fall in the quarter, "potentially foreshadowing the future of crypto fee compression." On the flip side, Dolev view positively the company's gradual diversification away from its reliance on trading fees. Lifts price target to $220 from $210 after better-than-expected monthly transacting users ("MTUs") in Q2 along with lower-than-expected net transaction revenue per retail MTU. Dolev has a Neutral rating on the stock. While Coinbase (NASDAQ:COIN) shares dip in early trading, note that bitcoin (BTC-USD) is also trading down today at ~$45.3K. Revenue consensus revisions have flattened out in the past several months with estimates for 2023, 2024, and 2026 being revised down in the past three months as