Coinbase price target raised by 125% to $440 at DA Davidson as blockbuster earnings provide ideal setup for April 14 direct listing

SourceBusiness Insider
CountryMiddle east

Anticipation for Coinbase's April 14 direct stock listing on the Nasdaq is growing following the release of its preliminary first quarter earnings results. The cryptocurrency exchange platform revealed first quarter revenue grew 840% year-over-year to $1.8 billion, easily beating analyst estimates from DA Davidson, which was expecting just $614 million in revenue for the quarter. The blow-out results from Coinbase led DA Davidson to reiterate its Buy rating on the company and increase its price target by 125% to $440 in a note on Wednesday. Its previous price target for Coinbase was set at $195. Coinbase's first quarter results were "multiples higher than our estimates on both the top and bottom lines," DA Davidson analyst Gil Luria said. Near record trading volume on its platform as bitcoin surged to record all-time highs boosted Coinbase's earnings results. "We continue to believe COIN's product experience and best-in-class compliance and regulatory controls should provide a defensible moat," the note said, before adding that management at Coinbase more...