Summary
- Compass Point has reportedly downgraded Coinbase's investment rating from neutral to sell.
- Weak second-quarter earnings and intensifying competition in the stablecoin market were given as reasons for the investment rating downgrade.
- It was also reported that Coinbase's target price has been lowered from $330 to $248.
On the 4th (local time), crypto-specialized media outlet Decrypt reported that U.S. investment bank Compass Point has downgraded Coinbase (COIN)'s investment rating from neutral to sell, and lowered its target price from $330 to $248.
Compass Point cited weak second-quarter earnings and the possibility of increased investor fatigue due to intensified competition in the stablecoin market as reasons for the downgrade.
Additionally, Compass Point downgraded its investment rating for stablecoin issuer Circle (CRCL) to sell last month.
Meanwhile, Coinbase closed at $318.17, up 1.11% from the previous session five days ago.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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