'Further cuts are needed': Goldman downgrades Coinbase amid crypto meltdown
— Firm upgraded shares, Tiered maker, Coinbase, Crypto prices —, Close, Goldman sachs, Drop, Fall 61, Closing level, Also exposed — 1 min read
Goldman Sachs downgrades shares of Coinbase to Sell from Neutral, slashes price target to $45 from $70. The firm also upgraded shares of Robinhood (HOOD) to Neutral from Sell. Both companies offer cryptocurrency trading as a core part of their business. Goldman Sachs expects revenue to fall 61% in 2022, following a 514% surge in sales last year as Bitcoin and other cryptocurrency prices soared to record highs. The total market capitalization of all cryptocurrencies dipped below $1 trillion in recent days from a record high of roughly $2.8 trillion last year, Goldman Sachs suggested. The latest slump in crypto prices will likely have a commensurate impact on the company's top-line results, the firm said. The price action comes ahead of the Source