Mizuho Securities analysts reaffirmed their Underperform rating on Coinbase Global (NASDAQ:COIN) and set a price target of $27.00.

The analysts expect that the third quarter will likely result in disappointing performance, citing decreasing trading volumes (e.g., $28 billion in July, $24 billion in August, and $20 billion in September) and an anticipated reduction in retail trading activity.

These factors are anticipated to exert significant downward pressure on third-quarter revenue, with Mizuho estimating it to be 10% below current consensus projections. Consequently, he has lowered their third-quarter revenue estimate by 7%.