UPDATE: Piper Sandler Starts Coinbase Global Inc. (COIN) at Overweight

May 14, 2021 3:57 AM EDT
Get Alerts COIN Hot Sheet
Price: $229.93 --0%

Rating Summary:
    11 Buy, 4 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 4 | New: 30
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(Updated - May 14, 2021 8:42 AM EDT)

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."

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 $265.10 yesterday.

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