US Tiger Securities Starts Coinbase Global Inc. (COIN) at Sell
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US Tiger Securities analyst Bo Pei initiates coverage on Coinbase Global Inc. (NASDAQ: COIN) with a Sell rating and a price target of $135.00.
The analyst commented, "We like COIN's position as a leading on-ramp for consumers to participate in the rapidly growing cryptoeconomy, especially its dominant consumer mindshare in the US market. Despite regulatory uncertainties, we do think crypto and blockchain technologies are bringing/will bring innovations to many industries, including finance, supply chain, cybersecurity, healthcare, etc. In addition, we also believe that if Web3.0, DeFi, and dapps become mainstream, COIN could be a major beneficiary and become a key innovation enabler and infrastructure builder in a more decentralized world. That said, in the near term, Coinbase's revenue is primarily a function of crypto market performance and transaction fees, and we see competition intensifying almost in all aspects. Our $135 price target is based on 4.0x '23E sales, 1.3 turns higher than crypto miners' average, but 0.3 turns lower than FinTech comps, as COIN's revenue and profit heavily rely on the crypto price but benefit from increasing crypto adoption."
Shares of Coinbase Global Inc. closed at $204.53 yesterday.
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