Coinbase Doubles Market Share, Analyst Says Stock Is ‘More Diversified Than Ever’
Coinbase Global (NASDAQ:COIN) stock is trading higher on Friday after the company reported mixed fourth-quarter (Q4) results. Here’s why analysts are lowering their price targets after the quarterly results.
- JPMorgan analyst Kenneth Worthington maintained an Overweight rating on Coinbase and lowered the price target from $290 to $252.
- Rosenblatt analyst Chris Brendler reiterated a Buy rating and lowered the price target from $325 to $240.
- Canaccord Genuity analyst Joseph Vafi maintained a Buy rating and lowered the price target from $400 to $300.
- Benchmark analyst Mark Plamer maintained a Buy rating and lowered the price target from $421 to $267.
JPMorgan: A poor cryptocurrency environment hurt Coinbase’s Q4 results, Worthington said in a new investor note. But the firm is optimistic about U.S. crypto legislation.
“Management demonstrates its conviction by increasing its investment in crypto and buying back its stock,” Worthington said. “We see Coinbase as both a leading driver and beneficiary of the cryptocurrency economy.”
Product development, tokenization, and payments will drive long-term success, he adds.
Rosenblatt: While the cryptocurrency market hurt Coinbase in the fourth quarter, Brendler said the company is …
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