Coinbase Global Inc. (COIN) PT Raised to 'Street High' $650 at DA Davidson

April 15, 2021 6:52 AM EDT
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Price: $256.76 -5.95%

Rating Summary:
    5 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 28 | Down: 11 | New: 10
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(Updated - April 15, 2021 8:28 AM EDT)

DA Davidson analyst Gil Luria raised the price target on Coinbase Global Inc. (NASDAQ: COIN) to a 'Street High' $650.00 (from $440.00) while maintaining a Buy rating.

The analyst commented, "... we believe Coinbase emerged as a leader in facilitating the on-ramp from government currency into crypto because of its superior user experience, security and strong compliance. With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution."

He added ".. we are increasing our price target to $650 from $440 based on a 40x multiple on our 2021 revenue estimate. The increased target is a result of a more focused comparable group (market leaders in open-ended growth categories) and the elimination of the listing risk, offset by a higher share count provided on the eve of the listing."

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