Several analysts maintained the rating on Cryptocurrency trading platform Coinbase Global Inc (NASDAQ: COIN) following Q3 FY23 results.
Yesterday, Coinbase reported revenue of $674 million, down 5% Q/Q, beating the consensus estimate of $653.19 million.
JMP Securities analyst Devin Ryan reiterated the Market Outperform rating and $107 price target.
The analyst is pleased with the better quarter and encouraged that the company has kept its focus in a complicated environment, progressing on numerous new initiatives that have the potential to become material business drivers over time.
Ryan expects the company to witness continued momentum with ecosystem interest improving in November, mainly around spot Bitcoin exchange-traded fund (ETF) optimism.
The analyst estimates revenue and EPS of $2.82 billion and $(1.22) in FY23 and $3.14 billion and $(1.67) in FY24.
H.C. Wainwright analyst Mike Colonnese reaffirmed a Buy rating with a price target of $115.
While Q3 was better than expected, the analyst expects a muted to slightly negative reaction in shares on the recent rally in the stock and the magnitude of the top line beat being much less than in Q2.
Going forward, Colonnese projects several factors, such as SEC ...