"Stock gains imply the mkt more fully appreciates the oppty we've recognized since IPO. But it also makes for a more balanced risk reward skew. Macro uncertainty + elevated apparel inventory could limit positive EPS revisions. So while our constructive thesis & estimates are unchanged, we downgrade to EW." Read more about this call here. Cowen reiterates Coinbase as outperform Cowen said it sees a "challenging backdrop" when the company reports earnings next week. " COIN will report Q2:22 results on 8/9, after market close.