![]() The firm added, "COIN appears headed for litigation against the SEC." TD Cowen hopped on the bandwagon and downgraded Coinbase (NASDAQ:COIN) to Underperform from Market Perform after yesterday's SEC Wells Notice, citing "incremental risk to operations from the SEC Wells Notice and crypto banking crackdown." Coinbase slashed again after dour SEC news Shares plunged more than 14% yesterday and are currently trading 3% lower pre-market today. "In addition, Block's initial response lacked the specific rebuttals against Hindenburg's arguments that we would have hoped for," added the firm. ![]() Hindenburg is known for these types of attacks, which are designed solely to allow short sellers to profit from a declined stock priceĪtlantic Equities said it is less concerned about the high fees and user metrics, but a significant proportion of profits could be impacted longer term by improving risk controls to reduce illegal activity. The company announced yesterday that it intends to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about Cash App business. Block downgraded to Neutral, shares plunge on Hindenburg Research accusationsĪtlantic Equities downgraded Block (NYSE:SQ) to Neutral from Overweight and cut its price target of $70.00 from $95.00. Start your free 7-day trial to get this news first. Here is your daily Pro Recap of the biggest analyst cuts you may have missed on InvestingPro since yesterday.
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