Goldman Cuts Coinbase to ‘Sell’ Due to Fall in Crypto Prices and Industry Activity; Shares Drop

Goldman Sachs downgrades Coinbase to 'neutral' with a $9.50 price target. The downgrade was due to the continued fall in crypto prices and the ensuing fall in industry activity levels, the bank says. Robinhood Markets (HOOD) was upgraded to “neutral” from “sell” in the same report. Goldman sees revenue base falling 61% year-on-year in 2022, and about 73% in the back half of the year. The bank is more bearish on the competitive environment and the outlook for fee rate compression given the merging of the two platforms, which has the potential to reduce switching costs and make lower pricing more available to users, the report says.Robinhood shares rose 2.6% to Source