Wall Street analysts go bearish on Coinbase

Wall Street investment banking analysts who cover Coinbase stock has slammed the worst ever outlook on the crypto exchange.

The average price target — the forecast price analysts have for $COIN — has hit an all-time low of $108 per share as of July 26.

The price target is down from a high of $435 per share in April 2021.

The Coinbase stock has fallen by more than 80% since November.

Meanwhile, the percentage of buy ratings among analysts has declined from 75% in May 2021 to just 58%, per data from the Block.

At the time of writing, Coinbase stock was trading at $58.83 — down more than 70% year-to-date.

Declining crypto prices and a retreat of retail market participants have translated into a drop in users for the exchange operator.

The firm also faces new regulatory headwinds, with Bloomberg reporting on Monday that the firm is in the midst of an ongoing probe by the Securities and Exchange Commission.