More issues for crypto companies as the bears march on. Analysts at Goldman Sachs have downgraded shares of Coinbase Global Inc. (COIN) after plunging cryptocurrency prices affected the exchange's underlying business.
Shares of Coinbase Global Inc. have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market.
According to Bloomberg, Coinbase still has 20 buy recommendations, 6 holds and 5 sell ratings as of June 27. Stocks with a buy rating are on analysts’ recommended list. Stocks with hold ratings are expected to perform roughly on par with the broader market and sell recommendations are calls to liquidate an asset.Coinbase began trading on the Nasdaq stock exchange in April 2021 and quickly exceeded its pre-listing reference price, eventually reaching $381.
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