Jeffries cut Coinbase's target price from $405 to $375, citing uncertainty in the cryptocurrency market.

This downgrade came unexpectedly, but Coinbase's Q2 net profit is $1.4 billion, with custodial assets of $245 billion, indicating strong fundamentals. The pre-market drop of 11% seems a bit overreactive.

Associated U.S. cryptocurrency stocks also fell, with BMNR dropping 6.9%. Additionally, ETH briefly broke $3600, leading to a pessimistic market sentiment. However, Tether's holdings exceed $127 billion in U.S. Treasury bonds, indicating strong demand for stablecoins.

In my personal opinion, I am optimistic about Coinbase in the long run and suggest accumulating on dips, waiting for the non-farm payroll report to determine the direction.