Key facts
- Baird downgraded Coinbase stock to "underweight" from "neutral."
- Baird lowered its price target on Coinbase stock to $45 from $70.
- Concerns cited include potential second-quarter revenue misses and valuation risks.
Baird analyst George Tsilis has downgraded Coinbase to "underweight" from "neutral" and lowered his price target on the stock to $45 from $70. Tsilis cited concerns about Coinbase's second-quarter revenue potentially missing expectations and ongoing valuation risks for the cryptocurrency exchange. This downgrade follows a previous downgrade by Monness due to regulatory uncertainty.