Home Coinbase Cowen Downgrades Coinbase Inventory, Citing Buying and selling Quantity Declines – Yahoo Finance

Cowen Downgrades Coinbase Inventory, Citing Buying and selling Quantity Declines – Yahoo Finance

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Cryptocurrency alternate Coinbase (COIN) shares have been downgraded to market carry out from outperform by funding agency Cowen, which cited the dearth of readability on a potential restoration in buying and selling volumes following the collapse of rival alternate FTX.

Cowen additionally lower its worth goal on the shares to $36 from $75. The inventory was down 1.5% to $37.14 in premarket buying and selling. It fell 84% in 2022.

The fallout from the collapse of Sam Bankman-Fried’s exchange FTX will doubtlessly end in sterner scrutiny from the U.S. Securities and Change Fee, whereas depressed crypto valuations will trigger muted retail buying and selling exercise.

“COIN’s enterprise is considerably correlated to crypto asset costs, buying and selling volumes and volatility,” analysts Stephen Glagola and George Kuhle wrote in a word.

“COIN’s month-to-month buying and selling volumes have seen a reasonably constant drawdown every subsequent month since November 2021, and there stays low visibility into both a stabilization or rebound in retail buying and selling volumes over 2023 given the macro backdrop and FTX contagion dangers on crypto asset costs,” they mentioned.

Learn extra: Cathie Wood Buys More Coinbase Shares on the Cheap

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