Coinbase (COIN) failed to assuage analysts’ long-term concerns even after the crypto exchange reported second-quarter earnings that beat estimates.

Goldman Sachs, Bank of America, JPMorgan and Barclays all noted the beat, but expressed caution over growth prospects.

“Ultimately, we struggle to see a favorable valuation argument for the stock given that the company’s revenue base is tethered to an asset class that has yet to show a sustainable everyday utility value, as well as the significant levels of stock based comp, despite being profitable on an adjusted basis,” Goldman Sachs analysts led by Will Nance wrote. “Until we see evidence of mass adoption of crypto for everyday utility, we believe fundamentals will remain challenged,” the analysts wrote.

The bank maintained its sell rating on the shares, but increased its 12-month price target on the stock to $51 from $45.

“While some 2Q metrics were positive and the 3Q outlook contained no surprises, the print did little to address critical questions around retail volumes and revenue diversification,” Bank of America said. It rates the stock underperform with an unchanged price objective of $58.

JPMorgan, with a neutral rating, raised its price target to $64 from $61. The bank said the significant beat was driven by higher-than-expected retail transaction fees and “well-controlled” expenses.

Still, volumes were underwhelming in the second quarter with the third quarter tracking worse, and Coinbase appears to be losing market share to competitors Robinhood (HOOD) and Block (SQ), it said in a report. The bank estimates that staking revenue will grow to around $97 million in the third quarter given the higher ether (ETH) yield seen in July, the increase in ETH staked, and the greater number of validators.

Regarding the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC), “management struck a strong tone as they think they can win” Barclays said. It rates the stock underweight and maintained a price target of $70, saying second-quarter earnings beat estimates due to a higher take on retail transactions and lower operating costs.

Coinbase shares fell 0.3% to $90.48 in early Nasdaq trading.

Read more: Coinbase Beats Analyst Estimates for Q2, but Transaction Revenue Falls