Atlantic Equities analysts upgraded Coinbase Global Inc. (NASDAQ:COIN) to Overweight from Neutral, with a price target of $70.00 on the stock, noting that the cryptocurrency exchange’s results validate management’s commitment to restoring sustainable profitability. Shares surged more than 6% intra-day today.
The analysts remarked that the company is regaining custody asset share and utilizing its trustworthiness to exert pricing power, essential steps in fortifying the business model.
Despite persistent risks stemming from the weak volume, recession, regulation, and market prices, the analysts believe that the company’s recent initiatives enable investors to focus on the long-term potential. The analysts revised their revenue estimates upward by 8.2% and 7.4% for 2023 and 2024, respectively, with a slight 3.2% decline for 2025.