Analyst Downgrades Coinbase Rating After Stock Soars Above Target Price

02/17/2023 20:48 • AI & Tech Insights • 126 views

It is reported that Chris Brendler, an analyst at DA Davidson, downgraded the rating of Coinbase (COIN) from “buy” to “neutral”, after the stock more than doubled in 2023 and the share price soared above the target price of $55. After the collapse in 2022, the share price of Coinbase rose by 108% to more than $69 this year, while the wider rise of cryptocurrency pushed Bitcoin (BTC) to exceed $25000 for the first time since August earlier on Thursday.

DA Davidson analyst downgraded Coinbase (COIN) rating from buy to neutral

Interpretation of the news:

Chris Brendler, an analyst at DA Davidson, recently downgraded the rating of Coinbase from “buy” to “neutral” due to the stock’s impressive performance in 2023. Despite a collapse in 2022, the share price of Coinbase has risen by an impressive 108% to over $69 this year. Additionally, the wider rise of cryptocurrency has pushed Bitcoin to exceed $25000 for the first time since August, leaving many investors feeling bullish about the cryptocurrency market.

However, Coinbase’s impressive growth has led to some skepticism from analysts like Brendler. After the stock surpassed the target price of $55, Brendler downgraded the rating of Coinbase from “buy” to “neutral.” This suggests that although Coinbase may still be a good investment, it is not as attractive as it once was.

This downgrade is significant because it marks a shift in perception for Coinbase. Previously, many investors viewed Coinbase as a promising investment due to its position as a leading cryptocurrency exchange. However, now that the stock has soared well beyond its target price, even some of its most ardent supporters are starting to question its growth potential.

Despite this downgrade, many investors still seem to have faith in Coinbase. After all, the stock has still managed to secure a rating of “neutral,” indicating that it may still provide some level of value to investors. Additionally, the wider rise of cryptocurrency should continue to drive interest in Coinbase, as more and more people seek out ways to invest in the digital currency market.

Overall, Brendan’s downgrade of Coinbase’s rating signals a new era for the cryptocurrency exchange. While it may have been a hot prospect just a few years ago, Coinbase must now compete with an increasingly crowded market, and its growth potential may be more limited than it once was. That said, there are still reasons to be optimistic about Coinbase’s future, and it remains one of the most popular ways to invest in cryptocurrency today.

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Analyst Downgrades Coinbase Rating After Stock Soars Above Target Price

DA Davidson analyst downgraded Coinbase (COIN) rating from buy to neutral

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