Coinbase Global Inc. (COIN) PT Raised to 'Street High' $650 at DA Davidson
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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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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments
Related EntitiesD.A. Davidson, Gil Luria
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