Share this article
Coinbase Downgraded to Neutral at DA Davidson Ahead of Earnings
A breather may be in order after the stock’s big run higher early this year, says the investment firm.
By Helene Braun
Updated May 9, 2023, 4:08 a.m. Published Feb 16, 2023, 6:54 p.m.
D.A. Davidson analyst Chris Brendler downgraded Coinbase (COIN) to neutral from buy after a more than doubling in the stock this year 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With Coinbase’s upcoming Q4 earnings and growing regulatory concerns, Brendler suggests now is a good time to take some money off the table, even as he remains bullish on the stock over the longer term.
“The stunning FTX debacle is still reverberating through the sector, and while it seems to have avoided major ripple effects so far (Binance bears watching), we believe the regulatory response is just getting started,” Brendler said in a note.
Brendler said Coinbase’s relatively high level of clarity could make it a winner as regulators gun for other industry players, but he 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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Standard Chartered, Coinbase Expand Crypto Prime Services for Institutions
The companies will explore the development of trading, prime services, custody, staking and lending solutions for institutional clients.
What to know:
- The enhanced partnership builds on the existing tie-up between Standard Chartered and Coinbase in Singapore.
- Standard Chartered provides banking connectivity that enables real-time Singapore dollar transfers for Coinbase’s customers.
Top Stories
