Berenberg Capital Markets cut its price target on Coinbase shares to $39 from $55 in the wake of an SEC lawsuit against the crypto exchange.
"Given the potentially significant impact of the lawsuit's outcome on COIN's U.S. operations, we would expect some investors to reduce their exposure to its platform," Palmer said.
"We are reducing our estimates for COIN to reflect our expectation that the company's already weak trading volumes will become weaker, and that it will see a reduction in the amount of assets on its platform as a result of the overhang from the SEC's lawsuit," Palmer continued. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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