. The stock pumped 15% higher in pre-market trading Friday, as some Wall Street analysts upgraded the stock and lifted their price targets.KBW upgraded Coinbase to market perform from underperform and lifted its price target to $160 from $93.
The bank said it is “skeptical that the current level of retail enthusiasm/speculative activity can persist for a prolonged period.” Still, it upgraded the stock to reflect higher crypto prices year-to-date and the positive knock-on effect on revenue. It also noted a tailwind from a “material inflection” in USD Coin balance growth, which is up 15% this year.The investment firm said the results “adequately address the bear arguments on COIN.
Canaccord Genuity maintained its buy rating on the stock, raising its price target to $240 from $140. The firm cited positive tailwinds for the business and the industry in general. JMP Securities kept its outperform rating and increased its price target to $220 from $200. It said it was pleased by the exchange’s fourth-quarter performance and even more encouraged by its outlook.
Mizuho Securities was less bullish. The firm said it remains cautious about Coinbase shares following the earnings report, adding that while the firm reported revenue and EBITDA that beat estimates, “consensus was out of tune.” A key disappointment was the retail take rate falling by 80 basis points quarter-on-quarter.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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Source: CoinDesk - 🏆 291. / 63 Read more »