Goldman Sachs Analyst Downgrades Coinbase to Sell As Crypto Winter Takes Hold
— Coin recently announced, Safe, Stay healthy, Existing customers — 1 min read
Goldman Sachs analyst Will Nance downgraded the stock to a Sell from a Neutral rating on June 27. Nance also cut his price target to $45 from $70, implying a 24% downside. Earlier this month, the company announced it was laying off 18% of its staff. The effects of the crypto winter are rippling across the entire industry, leading to massive layoffs at several cryptocurrency firms. The move, amid a crypto winter, might also indicate the start of a price war and a potential consolidation of the industry, an analyst said in a note sent to GOBankingRates. Meanwhile, Goldman Sachs upgraded Robinhood to Neutral from Sell, “as we see the risk reward as more balanced,” Nance wrote. Source