Several Wall Street analysts have ratcheted up their price targets on Coinbase Global (COIN) stock hours before the cryptocurrency exchange is due to report earnings after the close of trading on Feb. 13.
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Investment bank H.C. Wainwright lifted its price target on COIN stock to $330 a share from $255 and reiterated a Buy rating on the shares. Analysts at H.C. Wainwright expect Coinbase to easily beat its fourth-quarter 2024 earnings and revenue targets due to “strong tailwinds” for crypto trading.
Citigroup (C) is also bullish on Coinbase Global heading into the company’s Q4 print. Analysts at Citigroup say that Coinbase, which is the largest U.S. cryptocurrency exchange, is well-positioned to capitalize on investor enthusiasm for digital assets, and as crypto transitions to a new era under the friendly administration of U.S. President Donald Trump.
Citigroup raised its price target on COIN stock to $350 from $275 and also maintained a Buy rating on the shares.
Big Growth Ahead?
Coinbase Global’s financial results come a day after rival exchange Robinhood Markets (HOOD) reported blowout Q4 2024 earnings, driven by 700% growth in its crypto trading revenues. The consensus forecast on Wall Street is for Coinbase Global to report earnings of $2.11 a share, up 103% from $1.04 a year earlier. Revenue in the quarter is expected to grow 93% year-over-year to $1.84 billion.
Trading in cryptocurrencies such as Bitcoin (BTC) has been frenetic since Trump won re-election last November, promising to usher in pro-crypto legislation. However, COIN stock has declined about 15% since hitting a 52-week high in mid-December of last year. The stock is up 7% today (Feb. 13), hours before the company is due to report its quarterly results.
Is COIN Stock a Buy?
The stock of Coinbase Global has a consensus Moderate Buy rating among 16 Wall Street analysts. That rating is based on six Buy and 10 Hold recommendations issued in the last three months. The average COIN price target of $317.64 implies 8.46% upside from current levels.
