Coinbase Global Inc. (COIN) PT More Than Doubled to $440 at DA Davidson Ahead of Direct Listing

DA Davidson analyst Gil Luria raised the price target on pre-IPO Coinbase Global Inc. (NASDAQ: COIN) to $440.00 (from $195.00) while maintaining a Buy rating.

"Preliminary revenue of $1.8B beat our estimate of $614Mwhile adjusted. EBITDA of ~$1.1B was far above expectations," Luria commented.

Coinbase will come public via a direct listing next week (04/14).

Yesterday, the company reported strong Q1 financial results, including:

• 56 million verified users at March 31, 2021, up from 43 million at the end of 2020.
• Total Revenue was approximately $1.8 billion during the quarter, which is more than the $1.28 billion reported for ALL of 2020 and up 944% from the first quarter of 2020.
• Net Income was approximately $730 million to $800 million, more than double the $322.3 million in ALL of 2020

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