The price target of Coinbase stock was lowered by Berenberg amid the SEC legal showdown.
Cryptocurrency exchange Coinbase plunged its shares after the SEC lawsuit. However, Berenberg lowered the price target of Coinbase shares.
Berenberg Lowers Price Target of Coinbase Stocks
Berenberg Capital Markets has lowered its price target for Coinbase to $39. The change in price target was driven by a possible headwind the company could face during a lawsuit filed by the SEC earlier this week.
Berenberg Capital Markets lowered its price target for Coinbase shares from $55 to $39 following a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against the crypto exchange earlier this week.
Berenberg’s statement included the following statements:
“The drop in our price target reflects our view that COIN, which we expected to report weak trading volumes in the 23rd quarter before the SEC filed a lawsuit against it on Tuesday, could see continued and intensified weakness due to the bulge brought by the lawsuit.”
Berenberg kept the company’s rating stable despite the drop in share prices. Shares fell 1.1 percent to $52.67 as of 10 p.m. Thursday in New York, according to TradingView.
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