'Coinbase Is Focused In A Complicated Environment,' Will Benefit From Bitcoin ETF Approval: Analyst
Portfolio Pulse from Lekha Gupta
Analysts have maintained their ratings on Coinbase Global Inc (NASDAQ:COIN) following its Q3 FY23 results, which beat consensus estimates. The company reported a revenue of $674 million, down 5% Q/Q. Analysts are optimistic about the company's future, citing potential drivers such as the approval of a Bitcoin ETF and the launch of derivative products. However, some analysts expect a muted stock reaction due to the recent rally in the stock and the magnitude of the top line beat being less than in Q2.
November 03, 2023 | 5:51 pm
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Analysts maintain their ratings on Coinbase following its Q3 FY23 results. The company's future drivers include the approval of a Bitcoin ETF and the launch of derivative products.
The company's Q3 FY23 results beat estimates, which is a positive sign. However, the stock's recent rally and the less than expected top line beat may lead to a muted stock reaction. The potential approval of a Bitcoin ETF and the launch of derivative products are seen as future drivers for the company.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100