Shares of Coinbase Global (NASDAQ:COIN) plunged today following a downgrade from Cowen & Co. Analyst Stephen Glagola changed his rating from Buy to Hold, citing low trading volume visibility and assigned a $36 price target.
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The uncertainty for trading volume can be attributed to macroeconomic headwinds and FTX’s implosion, which carries contagion risks. It also doesn’t help that crypto trading volume has been steadily declining since November 2021. This has Glagola anticipating layoffs as high as 40% of COIN’s workforce.
Overall, Wall Street analysts have a consensus price target of $68.76 on COIN stock, implying over 101% upside potential, as indicated by the graphic above.
