Coinbase could fall 18% as Bank of America downgrades stock amid 'murky at best' outlook for cryptocurrency in 2023

Jan 11 2023 by Business Insider

 
Coinbase announced last week that it plans to rescind job offers and freeze hiring indefinitely.

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Coinbase stock hit a one-month high on Tuesday after the company announced it would lay off 20% of its staff. However, Bank of America strategists forecast the stock could still tumble another 18%.  "We think it will be challenging for shares to tolerate a significant downward revision to consensus estimates, and downgrade to Underperform from Neutral."

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