It's time to step to the sidelines on Coinbase after its recent rally, according to Atlantic Equities.
Analyst Simon Clinch downgraded Coinbase to neutral but raised his price target, following the crypto exchange operator's run-up.
"We are raising our target price to $80, reflecting the impact of higher crypto prices, but downgrading the shares to Neutral given the limited upside."
COIN 1D mountain Coinbase shares 1-day The analyst's price target represents downside of about 10% for Coinbase shares from Tuesday's closing price of $89.15.
But the analyst pointed out cryptocurrency volumes are currently low, even as high prices buoy investor sentiment.
Persons:
Simon Clinch, Clinch, Coinbase, USDC, Michael Bloom
Organizations:
Coinbase, U.S . Securities, Exchange Commission
Locations:
Coinbase