Coinbase falls as Argus downgrades to 'hold' on expected slower growth

** Shares of crypto trading exchange Coinbase COIN fall as much as 5% to $243.18 in early morning trading

** Argus Research downgrades COIN's rating to "hold" from "buy"

** Brokerage believes the stock price already discounts much of the good news, despite being added to the S&P 500 and strong recent results

** Argus expects slower growth and cuts its 2026 EPS estimate to $6.55 from $9.56, and its long‑term earnings growth forecast to 10%

** "Management spends aggressively on R&D and acquisitions, and we expect recent investments to raise expenses over the coming quarters," Argus Research says

** 23 of 38 brokerages rate the stock "buy" or higher, 14 "hold" and 1 "sell" or lower; their median PT is $400 - data compiled by LSEG

** Including session's moves, COIN stock is down ~2% YTD