- The stock price of Coinbase (COIN) fell by over 8% intraday today. This is why.
The stock price of Coinbase (COIN) fell by over 8% intraday today.
Why: Bearish research report
Price target: $57
Rating: Underweight
Analyst: Wells Fargo analyst Jeff Cantwell
Cantwell adjusted the rating while pointing out that a challenging environment will keep the company’s operating results under pressure. And Coinbase faces several headwinds as its retail pricing is likely to decline over time given industry dynamics and rising competition from others including Binance and FTX. And Cantwell pointed out that following the crypto winter” it is expected that the regulatory and government stances on crypto will become more restrictive to protect customers, creating headwinds to the company’s revenue and volume.
Going forward, Cantwell does not see Coinbase being profitable in the coming environment.