Raymond James gives Coinbase its first sell rating on Wall Street, citing competition concern

Monitors show Coinbase signage through the firm’s preliminary public providing (IPO) on the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

Coinbase could also be one of many main buying and selling platforms in a brand new asset class, however it would face the identical struggles as conventional brokerage companies, in accordance with Raymond James.

Analyst Patrick O’Shaughnessy initiated protection of the crypto trade with an underperform rating, making him the one main analyst with a sell-equivalent rating on the inventory, in accordance with FactSet.

O’Shaugnessy stated in a word to purchasers on Wednesday that sturdy competition for Coinbase is inevitable and can maintain down the inventory.

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