BUZZ-Barclays downgrades Coinbase to 'underweight', cuts PT to $140

Coinbase -0.69%

Coinbase

COIN

167.85

-0.69%

** Barclays downgrades crypto exchange Coinbase COIN.O to "underweight" from "equal-weight"

** Brokerage cites trading volumes weakened again in Q1 and the trend could persist into Q2

** "Despite a pro-crypto President and a favorable regulatory environment, global crypto trading activity has declined to a level not seen since the end of 2023 and absent a resurgence in near-term crypto trading activity, we see profitability under pressure at Coinbase"- Barclays

** Brokerage also cuts PT to $140 from $148, which is a downside of 20% to the stock's last close

** 23 of 37 analysts rate stock "strong buy" or "buy", 11 "hold" and three "sell" or "strong sell"; their median PT is $234 - data compiled by LSEG

** Including session's move, stock down 20.6% YTD




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