Keefe Bruyette analyst Kyle Voigt downgraded Coinbase to Underperform from Market Perform with an unchanged price target of $45 post the Q2 results. The analyst reduced revenue and adjusted EBITDA estimates on the “weak” volume trends into Q3 and the company’s mix-shift towards lower-fee institutional trading. He downgrades Coinbase on valuation following the recent surge in the shares.
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