Coinbase Global Inc. COIN shares have gone through the roof following a crypto rally that put Bitcoin BTC/USD back over the $24,000 mark. Yet Davidson analysts don't like the volatility and see much risk in the ongoing SEC crackdowns haunting the crypto sector. The Coinbase Analyst: Christopher Brendler issued a downgrade for Coinbase to Neutral but raised the price target from $55 to $60. The Coinbase Takeaways: Coinbase shares are up over 105% year-to-date, against just 8% for the S&P 500. Brendler, along with research associate Brett Thompson, believed the consequences of the FTX collapse are just in their starting phase. This week, the SEC cracked down on Kraken and sued Paxos. On Thursday, it proposed new rules "that could ultimately undermine Coinbase's custody business." Besides regulatory pressure, revenue remained a major cause for concern for Coinbase.