UPDATE: Autonomous Research Starts Coinbase Global Inc. (COIN) at Underperform

(Updated - October 13, 2021 9:28 AM EDT)

Autonomous Research analyst Christian Bolu initiates coverage on Coinbase Global Inc. (NASDAQ: COIN) with a Underperform rating.

The analyst comments "Coinbase is rapidly losing market share and seeing significant take rate compression – we expect these trends to accelerate as competition intensifies (Robinhood, FTX & Binance the most dangerous). More concerning is Coinbase lagging on almost every crypto innovation (including altcoins, derivatives, NFTs). If the trend continues, Coinbase could rapidly lose relevance, much like Netscape did in the early internet era. All in, our $160 target price implies the stock can trade at 7x 2023 gross profit, a discount to traditional exchanges given lower projected growth and higher revenue volatility."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $249.33 yesterday.

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