D.A. Davidson analyst Chris Brendler downgraded Coinbase (COIN) to neutral from buy after a more than doubling in the stock in 2023 sent the shares surging past his $55 price target.

After plunging throughout 2022, Coinbase shares are up 108% to above $69 this year alongside a broader rally in cryptocurrencies that earlier Thursday pushed bitcoin (BTC) past $25,000 for the first time since August.

Brendler said that Coinbase’s relatively high level of clarity could make it a winner as regulators gun for other industry players, but cautions that the near-term outlook looks “increasingly treacherous.”

In addition to recent regulatory concerns, said Brendler, there is also worry about Coinbase’s earnings report due Feb. 21 which is expected to show weakness in assets under management and interest income.

Alongside the downgrade, Brendler boosted his price target on COIN to $60 from $55.