Tesla Stock: Downgraded Again, but Still on the Right Track
Tesla has been hit with another downgrade, but despite this, the company is still getting a lot right. Sometimes, stock prices going up can be the catalyst for Wall Street downgrades.
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Coinbase faces Moody's downgrade and SEC lawsuit while ARK invests in crypto and Base's smart contracts gain traction.
Moody's has downgraded Coinbase's rating from "stable" to "negative" due to concerns about the impact of the SEC's charges on the crypto exchange's day-to-day operations. Moody's noted that Coinbase maintains a "strong" liquidity position, but the uncertain magnitude of the SEC's charges on Coinbase's business model and cash flows led to the downgrade. Financial services firm Berenberg Capital also adjusted its outlook on Coinbase, slashing its price target for COIN shares from $55 to $39 and advising investors to hold off on pursuing any investment in Coinbase shares in the short term. ARK Invest CEO Cathie Wood, however, remains optimistic about Coinbase's future despite the regulatory scrutiny.
SoFi Stock Faces Continued Decline Despite Raised Outlook.
SoFi Technologies' stock continues to decline after Q1 earnings report, prompting a rating downgrade from Wedbush to Neutral from Outperform. Despite a sizable Q1 beat, FY guidance was raised "only modestly," and declining tech platform fees in Q1 are expected to remain flattish for the year. Analysts fear that when SoFi starts selling loans again, there could be a material negative impact on the fair value of the loan portfolio.
First Republic Bank Considers Sale and Weighs Options Amid Credit Downgrade and Deposit Concerns.
First Republic Bank is exploring strategic options including a sale to shore up its liquidity, following a rating downgrade by Fitch and S&P citing risks to its funding and liquidity. The troubled bank is expected to draw interest from larger rivals, and its shares have slumped on fears of a bank contagion following the collapse of SVB Financial Group and Signature Bank.