Coinbase Downgraded as Analyst Says Crypto Uncertainty Dims Outlook
- ‘Too much uncertainty’ to forecast future revenue, Piper says
- Broker cuts rating on exchange to neutral from overweight
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The uncertainty swirling around Coinbase Global Inc. has made it too difficult to forecast how much revenue the company could earn, a Piper Sandler analyst said.
The impending courtroom tussle with the Securities and Exchange Commission and continued lack of clarity around cryptocurrency regulation in the US, has “created too much uncertainty to prudently project revenues in future years,” according to analyst Patrick Moley.