Coinbase Global Inc. has declined precipitously this year, largely mimicking the drop in Bitcoin prices and taking its market value down to $12.5 billion from a peak of over $75 billion last year. But Wall Street still remains bullish on the stock.
The crypto exchange is down nearly 77% so far this year, trading far below its first-day closing price of $328.28 last April. But analysts still broadly recommend the stock, despite its weaker-than-expected first-quarter earnings report. The stock was given a buy rating by 22 analysts, according to data compiled by Bloomberg. While five gave it hold ratings, only four recommended selling the stock.
