BofA Securities analyst Jason Kupferberg reiterated an Underperform rating and $79.00 price target on Coinbase Global Inc. (NASDAQ: COIN).

The analyst commented: "COIN up after hours after clean 4Q print COIN shares are trading up after hours following a solid top-line and Adjusted EBITDA beat. Transaction revs came in better than expected largely due to another quarter of take-rate outperformance. That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang."

"Transaction volumes were $154B in 4Q vs. BofAe/Street at $150B/$137B. The blended take-rate of 34bps came in above BofA/Street forecast of 30bps, driving the transaction revs beat at $529M (BofAe/Street was $444M/$413M). 4Q OpEx of $838M came in above ests, but Adj EBITDA beat expectations at $305M (BofAe/Street $266M/$252M). For Q1, COIN expects transaction expenses to remain flat as a percentage of net revs at mid-teens. Tech and development + G&A expenses are expected to be $600M-$650M, up slightly from $604M in 4Q. Sales and marketing expenses are expected to be $85M- $100M. Q1 S&S revenues are expected to be $410M-$480M, with where the actuals fall within the range depending on crypto asset prices for the remainder of the quarter."

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Shares of Coinbase Global Inc. closed at $165.67 yesterday.