8-Bit Coin (COIN)

Barclays Downgrades $COIN to Underweight from Equalweight, Lowers PT to $140 from $148

Analyst comments: "Volumes trended poorly again in Q1 despite some signs in February that a rebound may have been underway, and March ADV was the lowest since September 2024, with April showing no signs of improvement. With a full quarter of data in hand, we update our model and come out ~24% below the Street on adjusted EBITDA, primarily driven by lower spot trading, particularly retail trading revenues (based in part on read-throughs from Robinhood), though we think consensus estimates do not yet fully reflect available market data. Our out-year estimates also come down given the lower trading volume run-rate going into Q2. While there are many strategic initiatives ongoing at Coinbase, we expect the decline in volumes will weigh on profitability, and with little valuation support, we move shares to Underweight."

Analyst: Benjamin Budish