James Yaro, an analyst from Goldman Sachs, has initiated a new Hold rating on Coinbase Global (COIN).
James Yaro has given his Hold rating due to a combination of factors that present a balanced outlook for Coinbase Global (COIN). The company is a leading cryptocurrency exchange in the United States, offering significant exposure to the crypto market. While there is potential for growth due to rising crypto prices and possible regulatory reforms, there are also risks associated with price volatility and increased competition from new entrants in the financial services sector.
Yaro notes that COIN’s market valuation is close to the average of its peers, which he considers fair given the current market conditions. The expected revenue and earnings growth for COIN from 2024 to 2027 is slightly below consensus estimates, reflecting potential impacts from lower crypto prices. Despite these challenges, COIN is projected to maintain sustainable profitability, which supports the Hold rating as the stock trades at a reasonable price-to-earnings ratio relative to its peers.
In another report released on March 11, Mizuho Securities also maintained a Hold rating on the stock with a $217.00 price target.
COIN’s price has also changed moderately for the past six months – from $168.240 to $189.750, which is a 12.79% increase.
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