.GoldmanSachs cut coinbase's rating to 'sell,' says the company faces a difficult choice between shareholder dilution and significant reductions in effective employee compensation. By willcanny99
Coinbase CEO Brian Armstrong Goldman Sachs cut Coinbase’s rating to “sell” from “neutral” and slashed its price target to $45 from $70, the bank said in a report on Monday.
In the same report, the Wall Street giant upgraded Robinhood Markets to “neutral” from “sell” with a $9.50 price target. Robinhood shares rose 2.6% to $8.21 in pre-market trading. While Coinbase recently announced a notable restructuring, which involved laying off 18% of its workforce, the bank says further cuts are needed.
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