Coinbase downgraded to Neutral from Overweight at Atlantic Equities

Atlantic Equities analyst Simon Clinch downgraded Coinbase to Neutral from Overweight with a price target of $80, up from $70. The stock has rallied 60% off recent lows, and the risk/reward looks less attractive at this level given continued regulatory challenges ahead and the “surprisingly weak volume backdrop,” the analyst tells investors in a research note. The firm raised the price target to reflect the impact of higher crypto prices, but downgraded the shares given the limited upside.