Coinbase downgraded to Underperform from Market Perform at TD Cowen

TD Cowen downgraded Coinbase to Underperform from Market Perform with a $36 price target. The analyst sees "incremental risks" to the company’s operations from the SEC Wells Notice and crypto banking "crackdown." This will create an overhang on the shares and remove positive near-term catalysts, including Ethereum’s Shapella upgrade and a U.S. derivatives launch, the analyst tells investors in a research note. The firm says Coinbase’s adjusted EBITDA quality "remains low" given the heavy reliance on stock-based compensation.