Opca on Monday has cut cryptocurrency exchange Coinbase Global (NASDAQ:COIN) price target to $314 from $377 which still implies 116% upside from last Thursday's close. COIN shares are off slightly by 1.1% in early morning trading. And with Bitcoin (BTC-USD) -35% slumping for the past six months, COIN is also falling more than 50% in the same time period and -56% Y/Y. Ongoing selling pressure experienced in COIN comes amid "1) increasing competition and fee compression; 2) COIN over-earns and will not be profitable this year; 3) COIN is overvalued; 4) low trading volume; 5) crypto winter; and 6) potential regulatory actions against crypto companies," according to a note written to clients. Meanwhile, Opca believes that those bearish narratives are "way overblown and that this creates an opportunity for long-term investors to get into one of the most disruptive companies in the market at what we see as a very attractive valuation," the note said. Note that SA's
