HCW Analyst Boosts Price Target for Coinbase Stock Following Strong Q1

HCW Analyst Boosts Price Target for Coinbase Stock Following Strong Q1

Coinbase Global Inc experienced a rise in its stock price after an H.C. Wainwright analyst raised the price target for the leading U.S.-based cryptocurrency exchange.


  • Coinbase with impressive financial results for Q1.
  • H.C. Wainwrigh analyst Colonnese sees “COIN” at $77.
  • "COIN" up 85% since YTD.

Coinbase Stock Shows Potential for Growth to $77

Mike Colonnese now believes that Coinbase stock has the potential to reach $77, indicating a possible 25% increase from its current level.

This optimistic prediction comes shortly after the crypto company reported strong financial results for the first quarter, with one particular highlight being the improvement in the retail take rate.

Coinbase's decision to increase spreads resulted in a sequential increase of over 13 basis points in the blended average retail take rate, reaching 1.68%. This pricing power is highly encouraging.

Colonnese also expressed a positive outlook for Coinbase Prime, which witnessed record volumes during the first quarter. As of now, Coinbase Global Inc shares have already gained 85% since the start of the year.

Coinbase Shares Offer Favorable Risk-Reward Ratio

The H.C. Wainwright analyst now anticipates that the firm, listed on Nasdaq, will generate $3.04 billion in revenue this year.

Earlier in the year, Coinbase received a "Wells Notice" from the U.S. Securities and Exchange Commission. However, Colonnese remains optimistic based on statements made by company executives during the earnings call.

Management has expressed a firm commitment to the U.S. market and holds an optimistic view regarding the regulation of cryptocurrencies, highlighting strong bipartisan support for introducing new legislation.

Overall, Colonnese sees a favorable risk-reward ratio in investing in Coinbase stock, especially considering the ongoing recovery of cryptocurrency prices in general and the recent launch of the company's international exchange in Bermuda.

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