Coinbase stock dips more after Mizuho slashes price target, EBITDA estimate

Coinbase Global (NASDAQ:COIN) stock dropped as much as 24% in Thursday trading after posting disappointing Q1 results on Tuesday with little hope for a quick turnaround as crypto markets weaken to late 2020 levels. The plunge has softened to -2.8% at ~10:34 AM ET. Bitcoin (BTC-USD), the largest cryptocurrency by market cap, recently traded at $28.3K, down 11% over the past 24 hours. The last time it was this low was late December 2020. Mizuho analyst Dan Dolev, who rates the stock Neutral, slashed his price target on the cryptocurrency exchange to $60 from $135; by point of reference, the stock traded at ~$50 in Thursday trading. "Yesterday was COIN's day of reckoning, with the stock down 26%," Dolev wrote in a note to clients. "What we have been saying has become clear to many others: the foundation upon which the business is built is less stable than perceived." He also reduced