5 analyst cuts of the day: Coinbase skewered after 'Wells Notice' | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Mar 23, 2023 05:56AM ET
Updated Mar 23, 2023 07:14AM ET
By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday.
Analysts apprehensive on Coinbase, including a downgrade, after 'Wells Notice'/h2
Coinbase (NASDAQ:COIN) shares were dropping more than 15% after the company said it received a ‘Wells Notice’ from the U.S. Securities and Exchange Commission (SEC), leading to a raft of analyst concerns.
A Wells Notice, which in this case related to Coinbase's staking services, is usually a precursor to the SEC ultimately suing the company due to certain infractions.
Oppenheimer cut the stock to Perform from Outperform, citing an “unhealthy regulatory climate" and noting that shares were up 118% year to date as of yesterday's close vs. a 3% gain for the S&P 500.
Barclays (LON:BARC), for its part, sees “heightened potential regulatory risk" for the company, and Mizuho said the latest development “could potentially impact up to one-third of COIN’s revenue."
Shares were recently changing hands at $65.28.
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