As previously reported, Monness Crespi downgraded Coinbase (COIN) to Neutral from Buy and removed the firm’s price target ahead of the company’s Q1 report. The firm is concerned that Q1 is “likely to be light” and come with “tepid” quarter-to-date revenue results and Q2 guidance, the analyst tells investors in a preview. This ratings move is “tactical” around the earnings print as the firm expects a miss and downward estimate revisions to open up better buying opportunities following a 30%-plus run in the stock price since April, the analyst added.
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