UPDATE: Piper Sandler Starts Coinbase Global Inc. (COIN) at Overweight
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Piper Sandler analyst Richard Repetto initiates coverage on Coinbase Global Inc. (NASDAQ: COIN) with an Overweight rating and a price target of $335.00.
The analyst commented, "COIN completed its direct listing on April 14th, with the stock trading as high as $429.15 on its first day of trading (72% above the set reference price of $250 per share). Currently, the stock is trading at $265.10, up 6% from the reference price. Our $335 price target is based on a 13.0x multiple on our 2023 revenue estimate. Though we expect volatility, we believe that COIN's 1) trusted brand name & commanding position in the evolving cryptoeconomy, 2) ability to grow organically through both new product offerings supporting additional cryptoassets, and 3) positive industry trends favorably position the company to continue its strong growth trajectory."
Shares of Coinbase Global Inc. closed at $265.10 yesterday.
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