Coinbase Hit by Rare Double Downgrade as Monness Cuts Rating From Buy to Sell

On Thursday, Monness, Crespi, Hardt issued a rare double downgrade on Coinbase Global Inc., cutting the leading U.S. crypto exchange's stock directly from "Buy" to "Sell." The firm expects prolonged crypto market weakness to persist for more than a year and has lowered its forecasts for Coinbase's revenue, EBITDA and EPS, even after the share price has already fallen about 50%. Additional downgrades and reduced price targets from other Wall Street analysts have deepened concerns over Coinbase's valuation and future performance.