Coinbase downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Coinbase (COIN) to Underweight from Equal Weight with a price target of $140, down from $148, as part of a Q1 earnings preview. The company’s volumes weakened again in Q1, and without passage of the CLARITY act or a macro-driven recovery, this should continue into Q2, the analyst tells investors in a research note. The firm’s adjusted EBITDA estimates for Coinbase are now 24% below the Street, primarily driven by lower spot trading, particularly retail trading revenues. Consensus estimates do not yet fully reflect available market data, Barclays contends. It expects the decline in volumes will weigh on Coinbase’s profitability and sees “little valuation support” for the shares.