Coinbase shares fell shortly after the open as Cowen analysts downgraded the stock and cut their price target, citing dwindling retail volumes, lower revenue expectations and a harsh regulatory environment. 

Shares in the crypto exchange were trading at $33.26 by 10:40 a.m. EST, down over 11%, according to Nasdaq data. 

Cowen analysts downgraded the stock to market perform from outperform, citing reduced revenue estimates, low visibility for stabilization in retail trading volumes and potential SEC enforcement action post-FTX. The firm also slashed its price target to $36 from $75.

(by Adam Morgan McCarthy)