Taking note of regulatory risk and exposure to retail trading revenue, Barclays (BCS) analyst Benjamin Budish initiated coverage of crypto exchange Coinbase (COIN) with an equalweight rating and $80 price target.

Challenges will linger for Coinbase despite some positive catalysts such as the Ethereum Merge and industry consolidation, said Budish on Tuesday in a note to clients.

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Budish's $80 price target nevertheless suggests nearly 20% upside from today's closing price of $67.03.

Alongside the new Coinbase coverage, Barclays started online brokerage Roinbhood (HOOD) with an underweight rating and $10 price target, citing negative customer impacts from inflation and/or a potential economic recession.

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Coinbase Gets Hold-Equivalent Rating From Barclays on Crypto Regulatory Risk

The headwinds are set to continue for the exchange, says the investment bank.

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