- Coinbase announced strong results for the first quarter of its financial year last week.
- HCW analyst Mike Colonnese now sees upside in “COIN” to $77.
- The stock of Coinbase is up 85% since the beginning of the year.
Coinbase Global Inc. has seen its stock price rise this morning, after H.C. Wainwright analysts raised their price targets on the biggest U.S. crypto exchange.
Coinbase stock could rise up to $77
Mike Colonnese sees the Coinbase share price rising to $77, which suggests that it could rise another 25%.
The crypto company has just reported solid results and the bullish call comes only days later. first financial quarter. This analyst was particularly pleased with the improvement in retail take rates.
Coinbase increased its spreads, resulting in a sequential increase of over 13 bps for the blended average retail take-rate to 1.68%. We view Coinbase’s pricing power as being very encouraging.
Colonnese has a bullish outlook on Coinbase Prime As well that saw record volume in the first three months. As of this writing, the shares of Coinbase Global Inc. are up by 85% on the year.
Coinbase shares offer a positive return on risk
Analyst H.C. Wainwright now expects that the Nasdaq listed firm will generate revenue of $3,04 billion this year.
Earlier this year, Coinbase received a “Wells Notice” from the U.S. Securities and Exchange Commission. Colonnese, however, remains positive in light of what executives stated on the earnings conference call.
The management stated that the company was 100% committed to U.S.
Overall, he believes that the Coinbase stock is a good investment given the current recovery in cryptocurrency prices and the overall. international exchange This company was launched in Bermuda earlier this month.
