Multinational independent investment bank Cowen (COWN) downgrades shares of cryptocurrency exchange Coinbase (COIN) and downgrades its COIN price forecast by more than 50%.
Cowen analysts Stephen Glagola and George Kuhle In a research report prepared by COIN, the stock was downgraded, citing the weakening in trading volumes on COIN. Analysts also set the price target. From $75 to $36 downloaded it.
Cowen analysts made this decision “Changed the share rating of COIN to perform in line with the market rather than outperforming the market” he defined. Analysts reported that COIN trading volume 2021While expressing that it has been falling steadily since FTXThe effects of the collapse of .
COIN’s business is heavily correlated with crypto asset prices, trading volumes and volatility. COIN’s monthly trading volumes have dropped quite consistently every month since November 2021. However, given the macro backdrop on crypto-asset prices and the risks of FTX contagion, uncertainty remains about a stabilization or recovery in retail trading volumes in 2023.
Coinbase shares in early 2022 232 dollars levels during the year 84% experiencing a decline up to the all-time low of $31 band declined. COIN is trading in the markets at $ 37.70 at the time of writing.