JMP Securities Reviews Coinbase Global Inc. (COIN)
JMP Securities analyst Devin Ryan reiterated a Market Outperform rating and $320.00 price target on Coinbase Global Inc. (NASDAQ: COIN)
The analyst comments "Blowout quarter for Coinbase as the firm benefits from improving environment and diversification efforts. This evening (5/2), Coinbase reported 1Q24 Diluted EPS of $4.40, which included an ~$650M mark-to-market gain on crypto assets held for investment (we estimate this boosted results by ~$1.60). We had modeled closer to $200M in gains. That being said, the company still handily outperformed our EPS estimate of $1.60 and came in well above consensus of $1.25. Relative to our model, revenues beat by 8% (and exceeded consensus by 15%), and we highlight that adjusted EBITDA of $1.01B significantly outperformed our $703M estimate and consensus of $688M. For context, these results represented a dramatic improvement over the prior year, with revenue up 112% and adjusted EBITDA up 254%."
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 $228.85 yesterday.