Coinbase Analysts Look Ahead To Q2 After Disappointing Q1: ‘Higher Crypto Prices… Increased Volumes’
Coinbase Global (NASDAQ:COIN) analysts highlight the company’s recent acquisition and how the future could be brighter with cryptocurrency prices jumping in the current second quarter after the company missed first-quarter estimates.
The Coinbase Analysts:
- Goldman Sachs analyst James Yaro maintained a Neutral rating on Coinbase and raised the price target from $189 to $209.
- Canaccord analyst Joseph Vafi maintained a Buy rating with a $400 price target.
Goldman Sachs on COIN: A rising crypto market cap could offset the first-quarter earnings miss by Coinbase, Yaro said in a new investor note.
“We expect a somewhat muted market response to results, although broader crypto market cap appreciation in recent days could provide an offset, as it could support trading volume growth going forward, as we have seen historically,” Yaro said.
The analyst highlighted Coinbase’s acquisition of Deribit, which was also announced Thursday as the largest crypto acquisition in history.
“The company continues to expand its business offering.”
Yaro said Coinbase’s second quarter is likely to see strong transaction revenue based on the April figure of $240 million and the increased cryptocurrency prices currently with Bitcoin (CRYPTO: BTC) back …
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