Citigroup has lowered its price target for Coinbase from $505 to $400 due to reduced crypto market risk appetite, weaker trading volumes, and regulatory uncertainty in the US. Despite Coinbase's stock price falling roughly 65% from its all-time high, the new target still suggests more than 100% upside from current levels near $146. Citigroup continues to rate Coinbase as a Buy, citing its industry leadership and potential long-term gains linked to regulatory maturation.