Coinbase stock could see a near-term pullback – analyst says

2023-7-13 20:49

Atlantic Equities downgraded Coinbase stock to “neutral” on Wednesday. Cathie Wood also trimmed her stake in the crypto exchange today. Coinbase stock is currently up more than 150% versus the start of 2023.

Investors should pull out of Coinbase Global Inc now that it’s rallied more than 150% since the start of this year, says Simon Clinch – an Atlantic Equities analyst.

Coinbase stock has downside to $80

On Wednesday, Clinch downgraded the crypto exchange to “neutral”. His $80 price target warns of a 10% downside from its previous close.

In his research note, the analyst cited valuation and ongoing regulatory scrutiny as reasons for turning dovish on Coinbase stock.

The risk/reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop.

The Securities and Exchange Commission sued Coinbase Global Inc last month for violating the U.S. securities laws. The Nasdaq-listed firm also added an instant messaging feature to its wallet on Wednesday.

Cathie Wood trims her stake in Coinbase

Clinch recommends moving to the sidelines in Coinbase stock also because the USDC market cap has declined which will affect the company’s interest income.

With these factors in mind, we’re concerned the outlook for rest of FY23 may have deteriorated incrementally despite strength in crypto asset prices over the past month.

Coinbase Global Inc is expected to lose 84 cents a share in its current financial quarter versus $4.95 per share a year ago.

Also on Wednesday, famed investor Cathie Wood trimmed her stake in the crypto exchange. Her flagship Ark Innovation ETF sold 135,152 shares of Coinbase for roughly $12 million.

The post Coinbase stock could see a near-term pullback – analyst says appeared first on CoinJournal.

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