D.A. Davidson analyst Chris Brendler downgraded Coinbase (COIN) to neutral from buy after a more than doubling in the stock this year sent the shares surging past his $55 price target.

After plunging throughout 2022, Coinbase shares are up 108% to above $69 this year alongside a broader rally in cryptocurrencies that earlier Thursday pushed bitcoin (BTC) past $25,000 for the first time since August.

With Coinbase’s upcoming Q4 earnings and growing regulatory concerns, Brendler suggests now is a good time to take some money off the table, even as he remains bullish on the stock over the longer term.

“The stunning FTX debacle is still reverberating through the sector, and while it seems to have avoided major ripple effects so far (Binance bears watching), we believe the regulatory response is just getting started,” Brendler said in a note.

Brendler said Coinbase’s relatively high level of clarity could make it a winner as regulators gun for other industry players, but he cautions that the near-term outlook looks “increasingly treacherous.”

In addition to recent regulatory concerns, said Brendler, there is also worry about Coinbase’s earnings report due Feb. 21, which is expected to show weakness in assets under management and interest income.

Alongside the downgrade, Brendler boosted his price target on COIN to $60 from $55.