HCW analyst raises worth goal on Coinbase inventory after sturdy Q1

Coinbase reported sturdy outcomes for its first monetary quarter final week.
HCW analyst Mike Colonnese now sees upside in “COIN” to $77.
Coinbase inventory is already up about 85% versus the beginning of the yr.

Coinbase World Inc is buying and selling up this morning after an H.C. Wainwright analyst raised his worth goal on the most important U.S. based mostly crypto trade.

Coinbase inventory has upside to $77

Mike Colonnese now sees upside within the Coinbase inventory to $77 that means it might climb one other 25% from right here.

The bullish name arrives solely days after the crypto firm reported stable outcomes for its first monetary quarter. What thrilled this analyst particularly was enchancment by way of the retail take fee.

Coinbase elevated spreads to drive over a 13-bps sequential improve in blended common retail take fee to 1.68%. So, we view its pricing energy as very encouraging.

Colonnese is bullish on Coinbase Prime as properly that noticed report volumes within the first quarter. Shares of Coinbase World Inc are already up 85% for the yr at writing.

Coinbase shares have constructive risk-reward

The H.C. Wainwright analyst now expects the Nasdaq-listed agency to generate $3.04 billion in income this yr.

Earlier this yr, Coinbase acquired a “Wells Discover” from the U.S. Securities and Change Fee. However Colonnese stays constructive based mostly on what executives mentioned on the earnings name.

Administration mentioned the corporate is 100% dedicated to U.S. and is optimistic on U.S. getting crypto regulation proper, citing sturdy bipartisan help to introduce new laws.

All in all, he sees constructive risk-reward within the Coinbase inventory particularly contemplating the continuing restoration in crypto costs at giant and the worldwide trade this firm launched earlier this month in Bermuda.