H.C. Wainwright has made a dramatic shift in its outlook on Coinbase Global (NASDAQ: COIN), slashing its rating from Buy to Sell and adjusting its price target down to $300. The abrupt reversal comes as the stock’s staggering 150% surge since April—vastly outperforming the Nasdaq’s 35% rise—has raised red flags over unsustainable valuation levels.

While Coinbase remains a dominant player in the cryptocurrency exchange market, analysts warn that investor excitement has far exceeded the company’s near-term growth potential. The recent rally was partly driven by revelations that Coinbase secures more than 50% of reserve income from Circle’s USDC, the world’s second-largest stablecoin. Further momentum came after the U.S. Senate advanced stablecoin legislation in mid-June, sparking a wave of optimism across the crypto sector.

Yet, with shares trading at record highs—commanding a steep 56 times estimated 2025 earnings—Wainwright argues the stock has lost touch with fundamentals. Declining crypto trading volumes and an impending second-quarter earnings report, scheduled for July 31, could disappoint investors. The firm’s revised revenue forecast for the quarter sits 10% below consensus estimates, suggesting potential downward revisions in the near future.

Given these mounting risks and an increasingly overextended valuation, H.C. Wainwright advises investors to consider taking profits before a possible market correction

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