Coinbase's Rivals, FTX And Bittrex, Are 'Gone': Analyst Predicts Bullish Growth
Portfolio Pulse from Anusuya Lahiri
Needham analyst John Todaro maintains a Buy rating on Coinbase Global, Inc (COIN) with a $120 price target. He believes COIN is well-positioned after the crypto 'winter', noting that competitors FTX and Bittrex are gone, and Binance is retreating. Todaro is optimistic about the crypto rally and sees a $300 million revenue opportunity for Coinbase with potential Q4 revenue of $870 million and EPS of $0.22. COIN shares traded lower by 3.01% at $102.91 in premarket.
November 21, 2023 | 5:16 pm
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Needham analyst John Todaro reiterates a Buy rating on Coinbase with a $120 price target, optimistic about its positioning and potential revenue growth despite recent share price dip.
The positive outlook from the analyst, including the mention of a significant revenue opportunity and the bullish sentiment on the crypto market, suggests a potential increase in investor confidence and a positive short-term impact on COIN's stock price. However, the premarket dip indicates that the market may not have fully absorbed the positive analysis, which could lead to a rebound once the market digests the information.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100