Coinbase downgraded at Atlantic Equities as crypto volumes remain subdued
Coinbase (COIN) downgraded at Atlantic Equities as crypto volumes remain subdued
COIN
-0.54%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Atlantic Equities downgraded shares of Coinbase (NASDAQ:COIN) to Neutral from Overweight on Wednesday, raising the price target to $80 from $70 per share.
Analysts said the lower rating follows the company’s 60% share price rally off of its recent lows.
“While the tenets of our recent upgrade remain in place, the risk/ reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop,” they wrote.
The analysts noted that while crypto prices have held onto their strength through 2Q23, volumes at Coinbase have remained subdued.
“Coinbase shares have now outperformed crypto markets in the recent rally, which could put the shares at relative risk in the near- to medium-term. Furthermore, despite the rally in crypto prices, the volume backdrop for Coinbase has failed to rebound. In fact, volumes are tracking down quite meaningfully versus 1Q23,” the analysts said.
