Piper Sandler downgraded Coinbase shares to neutral overweight, citing too much uncertainty around the company following its recent lawsuit from the SEC.
Piper Sandler says there's too much uncertainty around Coinbase , and investors need to stay away. The firm downgraded Coinbase to neutral from overweight, citing its recent lawsuit from the Securities and Exchange Commission in which the federal agency accused the company of operating as an unregistered broker and exchange. A lack of regulatory clarity also drove the downgrade, according to analyst Patrick Moley.
While Moley noted that Coinbase shares have soared 126% year to date — with the stock surging 55% since June 6, when the SEC filed the suit — he said the appreciation has "likely been driven by a combination of rising crypto prices and a number of large asset managers filing for spot Bitcoin ETFs .
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