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Bank of America Downgrades Crypto Exchange Coinbase to Neutral in FTX Aftermath

Crypto exchange Coinbase (COIN) is now faced with a number of new headwinds because of the collapse of rival FTX, Bank of America said Friday, as it downgraded its rating on the stock to neutral from buy.

The bank also slashed its price target to $50 from $77. The shares were up marginally in premarket action to $49.23, but are down nearly 30% since the start of the month.

While BofA is confident that Coinbase is not another FTX, that doesn't “make the company immune from the broader fallout in the crypto market.

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