Coinbase stock plunges after Goldman downgrade

Coinbase (COIN.US) stock trades nearly 10.0% lower after Goldman Sachs downgraded the cryptocurrency exchange operator  to “sell” from “neutral,” due to falling cryptocurrencies prices and slower industry activity levels. Banking giant also lowered Coinbase price target from $70 to $45, as it believes there are more challenges to come. Goldman analyst Will Nance said that current trading volumes and crypto asset levels suggest "further degradation" of the company's revenue. According to his calculations revenue will fell by 61% YoY in 2022, with a 73% decline in the back half of this year.

Coinbase (COIN.US) stock launched today’s session lower, and if current sentiment prevails, downward move may accelerate towards recent lows at $41.60. Source: xStation5