Coinbase to Benefit from SEC's Bitcoin ETF Approvals - Analyst Expects Favorable Q4
Portfolio Pulse from Anusuya Lahiri
Wedbush analyst Moshe Katri maintained Coinbase Global Inc (NASDAQ:COIN) with an Outperform rating and raised the price target from $110 to $180. Katri predicts COIN will benefit from the SEC's Bitcoin ETF approvals due to its dominant role in these ETFs, facilitation services, and the recent issues faced by competitors like Binance. The analyst expects increased institutional investing in crypto assets and sees the December quarter's volatility in crypto prices as a positive for COIN's trading volume. Katri's Q4 revenue and EPS projections for COIN are $635 million and $0.00, respectively, compared to the consensus of $784.5 million and a loss of $(0.04). COIN shares were down 6.63% at $141.23 at the last check.
January 11, 2024 | 8:32 pm
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Coinbase Global Inc is expected to benefit from the SEC's Bitcoin ETF approvals, with increased institutional interest and its role in ETFs. Analyst Moshe Katri raised the price target to $180 and anticipates positive Q4 results despite the stock trading lower recently.
The analyst's positive outlook and raised price target suggest confidence in COIN's future performance, especially with the SEC's Bitcoin ETF approvals. The company's role in ETFs and the expected increase in institutional investing in crypto assets are likely to be significant growth drivers. However, the stock's recent decline indicates market skepticism or other factors at play, which could temper the short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100