Despite Coinbase's better-than-expected quarter, many analysts remains cautious on the crypto exchange's longer-term outlook.
Despite Coinbase Global 's better-than-expected quarter , many analysts remain cautious on the crypto exchange's longer-term outlook, viewing the regulatory and legal backdrop as a major obstacle for shares. The stock traded up more than 8% in premarket trading on the news, due in part to a smaller-than-expected loss.
In an April response, the company said an enforcement action against it would "fail on the merits." Goldman Sachs analyst Will Nance said he sees few near-term catalysts for increased retail adoption in the United States, adding he has a negative outlook for the stock given the "lack of visibility" surrounding Coinbase's growth and the adverse effects from regulation. Nance has a sell rating on Coinbase shares.
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