Coinbase Global (COIN) received a downgrade on Wednesday morning by investment bank Barclays, citing “profitability under pressure” ahead of the major US crypto platform’s first quarter earnings print.

Barclays downgraded Coinbase from Neutral to Underweight and lowered its price target to $140 from $148 per share. The forecast is below Coinbase’s current price and Wall Street’s consensus among the 38 analysts covering the company.

“Despite a pro-crypto President and a favorable regulatory environment, global crypto trading activity has declined to a level not seen since the end of 2023,” Barclays analyst Benjamin Buddish wrote in a note.

“While there are many strategic initiatives ongoing at Coinbase, we…