Mizuho Reviews Coinbase Global Inc. (COIN)
Mizuho analyst Dan Dolev reiterated an Underperform rating and $145.00 price target on Coinbase Global Inc. (NASDAQ: COIN)
The analyst comments "Overall, 1Q was strong but this was widely expected given the rise of Bitcoin & crypto volatility YTD. While take rates were resilient (a positive), we still expect the stock to trade down given that: (1) April's $300mn transaction revenue implies a 2Q run-rate that is -16% below 1Q levels. (2) Alt-coins + staking, which are subject to potential regulatory scrutiny, now combine to account for 45% of total revenue, up from 42% in 4Q and 32% a year ago. (3) Other metrics like S&S revenue ($511mn vs. $410-480mn) are ahead of the 1Q guide, but in our view, not enough to justify the over 30% boost in the stock."
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.