Coinbase stock falls toward 4th-straight loss, after first non-bullish analyst starts coverage

Coinbase stock falls toward 4th-straight loss, after first non-bullish analyst starts coverage

Analyst Dan Dolev at Mizuho broke ranks with his Wall Street peers, as he became the first to initiate coverage of Coinbase Global Inc.

COIN,

-2.82%

with something other than the equivalent of a buy rating. Dolev set a neutral rating for the cryptocurrency exchange, and a stock price target of $285, which was 6.6% below current levels. The stock fell 2.2% in midday trading toward a four-day losing streak. Dolev said that while Coinbase was a "major share gainer," the risk of pricing pressure offsets opportunities surrounding the stock. "Over time, COIN's fees may face downward pressure from competing platforms following the footsteps of zero-commission stock trading, because platforms like PayPal and Cash App primarily use crypto trading products as engagement tools," Dolev wrote in a note to clients. "In contrast, COIN relies on commissions for the vast majority of its revenue." He said a survey of several hundred bitcoin

BTCUSD,

-1.56%