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In a research report on Monday, Citigroup (Citi) stated that Coinbase (COIN) will continue to face significant uncertainty until cryptocurrency regulations are more firmly established in the United States. As a result, the bank downgraded its rating on the exchange’s stock from “buy” to “neutral” and reduced its price target from $80 to $65. In premarket trading, Coinbase shares declined 1.2 percent to $49.54.
According to analysts led by Peter Chistiansen, Coinbase’s recent talk of relocating outside of the United States, as well as the company’s public statements and the recent legal action against the Securities and Exchange Commission (SEC), indicate that the Wells Notice’s process has yet to be productive.
