Piper Sandler classifies Coinbase share and predicts the price decline of over 20%

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Das renommierte Investmentbank Piper Sandler hat das Rating der Coinbase-Aktie (COIN) von „Überbewertet“ auf „Neutral“ herabgestuft. Laut den Erwartungen wird das Handelsvolumen im zweiten Quartal ein Zwei-Jahres-Tief erreichen. Die Analysten äußern Bedenken hinsichtlich der zukünftigen Einnahmen von Coinbase, obwohl der Kurs infolge der Bitcoin-Spot-ETF-Anträge gestiegen ist. Piper Sandler prognostiziert einen Kursrückgang von über 20 % für die Aktie. Das neueste Kursziel der Investmentbank liegt bei 60 USD. Analyst Patrick Moley von Piper Sandler betonte, dass die Unsicherheit rund um Coinbase es erschwere, zukünftige Einnahmen vorherzusagen. Dies resultiere unter anderem aus den harten Vorstößen der Vereinigten Staaten gegen Kryptowährungen, da dieser …
The renowned investment bank Piper Sandler downgraded the Coinbase share (Coin) rating from "overrated" to "neutral". According to expectations, the trading volume will reach a two-year low in the second quarter. The analysts express concerns about the future income of Coinbase, although the course has increased as a result of the Bitcoin-Spot ETF applications. Piper Sandler predicts a price decline of over 20 % for the share. The latest price target of the investment bank is $ 60. Analyst Patrick Moley from Piper Sandler emphasized that the uncertainty about Coinbase makes it difficult to predict future income. This results, among other things, from the hard advances of the United States against cryptocurrencies, since this ... (Symbolbild/KNAT)

The renowned investment bank Piper Sandler downgraded the rating of the Coinbase share (coin) from "overvalued" to "neutral". According to the expectations, the trading volume will reach a two-year low in the second quarter.

The analysts express concerns about the future income of Coinbase, although the course has increased as a result of the Bitcoin-Spot ETF applications. Piper Sandler predicts a price decline of over 20 % for the share. The latest price target of the investment bank is 60

Analyst Patrick Moley by Piper Sandler emphasized that the uncertainty about Coinbase makes it difficult to predict future income. This results, among other things, from the hard advances of the United States against cryptocurrencies, since this market is the largest for the stock exchange. In addition, the Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase and accuses the company to act as a not registered broker.

Although Bitcoin rose by over 80 % in 2023, the Coinbase share has increased by more than 140 %. This rally was fueled, among other things, by the Bitcoin Spot ETF applications of large asset managers such as Blackrock. Nevertheless, Moley is concerned about the trading volume of the stock exchange. He emphasizes that rising cryptocurse have not reflected in increased commercial volumes for coinbase in the last quarters and that the time of approval for a spot bitcoin ETF is uncertain.

piper sandler analysts therefore expect a decline in the commercial volume. Berenberg Capital even assumes that the coin course will drop 50 % to around $ 39, including due to regulatory uncertainty. The fact that the share is approaching an important resistance at around $ 85 confirms this predicted price development.

The trading volume of the Coinbase share is illustrated by a diagram that shows the sideways movement between $ 85 and 50 in 2023. In view of all this information, Piper Sandler recommends the coin base share currently to be rated as neutral.

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