Coinbase Jumps On Big Q3 Beat As Analysts Back ‘Everything Exchange’ Push
Shares of Coinbase Global Inc. (NASDAQ:COIN) were trading higher on Friday after the company reported upbeat third-quarter results a day earlier.
Here are some key analyst takeaways:
- JPMorgan analyst Kenneth Worthington maintained an Overweight rating, while cutting the price target from $404 to $399.
- Rosenblatt Securities analyst Chris Brendler reiterated a Buy rating, while raising the price target from $450 to $470.
- BTIG analyst Andrew Harte reaffirmed a Buy rating, while lifting the price target from $410 to $420.
- HC Wainwright analyst Mike Colonnese maintained a Buy rating and price target of $425.
- Needham analyst John Todaro reiterated a Buy rating and price target of $400.
Check out other analyst stock ratings.
JPMorgan: Despite expectations being high going into the quarter, Coinbase Global delivered a revenue and earnings beat, Worthington said in a note. The company’s revenues came in at $1.869 billion, surpassing Street expectations of $1.803 billion, he added.
Coinbase Global reported adjusted EBITDA of $801 million, ahead of the consensus estimate of $708 million, taking its adjusted diluted earnings to $1.44 per share, topping the consensus of $1.21 per share, the analyst stated. The company also reported record-high stablecoin revenues of $355 million, he added.
The company’s ecosystem grew via new product launches and M&A (mergers and acquisitions), Worthington added.
Rosenblatt Securities: …
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