TD Cowen Downgrades Coinbase Global Inc. (COIN) to Underperform; 'appears headed for litigation against the SEC'

(Updated - March 24, 2023 9:20 AM EDT)

TD Cowen analyst Stephen Glagola downgraded Coinbase Global Inc. (NASDAQ: COIN) from Market Perform to Underperform with a price target of $36.00.

The analyst commented, "We are downgrading COIN today to Underperform (3) on incremental risk to operations from the SEC Wells Notice and crypto banking crackdown. COIN appears headed for litigation against the SEC. We expect this to create an overhang on shares and remove positive n-t catalysts including the ETH Shapella upgrade and a U.S. derivatives launch. Adj. EBITDA quality remains low given the heavy SBC reliance."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $66.30 yesterday.

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