Coinbase (Specie) shares are “uninvestable” in the near term, investment bank Berenberg said in a research report Thursday. The company was already look for to report weak second-quarter 2023 trading volumes before the SEC filed a lawsuit against it on Tuesday, said analyst Goal Palmer. This weakness may now persist and intensify thanks to the overhang from the SEC action, he added. “The upshot is that we picture COIN shares as uninvestable in the near term.” Palmer maintained his hold rating on the stock, but slashed his price objective to $39 from $55, suggesting nearly 30% downside from last night’s close of $54.90.
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