COIN - Coinbase Global Stock Gets Analyst Love On Q4 Performance | Benzinga
Wall Street analysts offered their takes on Coinbase Global Inc (NASDAQ:COIN) post fourth-quarter beat. The stock price climbed following the analyst ratings.
Canaccord Genuity analyst Joseph Vafi maintained Coinbase with a Buy and raised the price target from $140 to $240.
On Thursday, Coinbase reported fourth-quarter revenue of $953.8 million, which beat the consensus of $822.4 million. The EPS of $0.51 beat the consensus loss of $(0.01).
The analyst stated that since Coinbase’s third-quarter report, the digital assets industry has seen significant developments, including the approval of spot BTC ETFs and a rise in cryptocurrency prices.
In the fourth and early first, Coinbase’s business model thrived amid increased volatility and trading volumes, expanding partnerships and achieving solid profitability, likely gaining market share, Vafi noted.
The launch of spot BTC ETFs in January, with Coinbase as the custodian partner for 8 of the 11 approved ETFs, is seen as a positive development despite potential competition for trading volumes, per the analyst.
This move, along with Coinbase’s market leadership and accounts with over a third of the most significant global hedge funds, is expected to drive momentum in its business.
Vafi projects first-quarter revenue of $981.99 million.
Wedbush analyst Moshe Katri maintained Coinbase with an Outperform and raised the price target from $180 to $200.
Katri said that Coinbase delivered results that significantly surpassed expectations, demonstrating the company’s robust earnings capability with over $14.00 in CEPS for the calendar year 2021.
These outcomes effectively counteract concerns raised about Coinbase, showing no significant fee compression since its IPO, no cannibalization from ETFs, a decrease in reliance on retail and trading fees alongside growth in Value-Added Services (VAS) and institutional engagement, ...