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Cowen Downgrades Coinbase Stock Citing Trading Volume Declines

Cryptocurrency exchange Coinbase (COIN) stock has been downgraded by analysts of Cowen (COWN), citing the lack of clarity on trading volume recovery after the FTX collapse.

Cowen downgraded COIN to perform in line with the market, as opposed to outperforming it, in a research note by analysts Stephen Glagola and George Kuhle. The investment bank also cut its price target to $36 from $75.

The fallout from the collapse of Sam Bankman-Fried's exchange FTX will potentially result in sterner regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC), while depressed crypto valuations will see muted retail trading activity.

Coinbase shares declined around 84% in 2022, from $232 a year ago to $37.70. At the time of writing, COIN is down 1.49% at $37.14 in pre-market trading.

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