Coinbase Global (COIN) was assigned an underweight stock recommendation by Wells Fargo Thursday as the bank sees increased global competition eating into the crypto exchange's market share and lower retail fees eroding profitability.

The company's path to sustainable profitability will be challenging given the above dynamics, and effects of the so-called crypto winter will remain, analyst Jeff Cantwell told clients in a research note.

Wells Fargo gave Coinbase a $57 price target. The shares are trading around $61 Thursday morning.

Cantwell also initiated research coverage on miner Riot Blockchain (RIOT) with an equalweight rating and $7 price target. The bank cited the crypto winter, regulation and macroeconomic headwinds.

Wells Fargo also gave digital asset platform Bakkt (BKKT) an equalweight rating, setting a $2.50 price target. Bakkt is facing a tough macroeconomic environment, Wells Fargo wrote.

Read more: Crypto Is Capitol Hill’s Last ‘Bipartisan Issue,’ Coinbase Exec Says