Coinbase Global Inc. (COIN) PT Raised to $140 at Canaccord Genuity, Sees "follow-through momentum in Q2"

Canaccord Genuity analyst Joseph Vafi raised the price target on Coinbase Global Inc. (NASDAQ: COIN) to $140.00 (from $70.00) while maintaining a Buy rating.

The analyst comments: "While Coinbase remains a crypto lightning rod in many respects, we cannot but see the company gaining material momentum across a variety of different fronts, with some of them happening in just the last few weeks. In particular, several leading asset managers have just recently entered into surveillance sharing agreements (SSAs) with COIN in their refiled spot BTC ETF applications. Second, the recent SEC vs. Ripple court ruling puts further doubt on the crux of the SEC's case against Coinbase, namely that most cryptos traded in the secondary market are securities. Lastly, we like the company's solid execution in Q1 with material cost-cutting and more focus on key parts of the business while being nicely profitable. We believe there should be follow-through momentum again in Q2, and we are upping our estimates here ahead of the print."

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