Coinbase Shares Gain 3% on Analyst Upgrade
<p>Compass Point analysts increased their price target on <a href='https://financialmodelingprep.com/financial-summary/COIN'>Coinbase Global (NASDAQ:COIN)</a> to $145 from $100 while keeping their Buy rating unchanged. As a result, shares gained more than 3% intra-day today. The analysts provided comments regarding the update in estimates ahead of Coinbase's Q2/23 earnings release, which is scheduled for August 3. </p>
<p>The revised estimates reflect a slight decrease in projected revenue and adjusted EBITDA for Q2. This adjustment is primarily attributed to lower-than-anticipated trading volumes in the crypto spot market, both for Coinbase and the overall market during the period. Despite the recent strength in prices of cryptocurrencies such as BTC, trading activity did not see the expected increase. This softness in trading volumes has continued into Q3/23, leading the analysts to revise their projected recovery in trading volumes to 2024. </p>
<p>However, the analysts highlighted the importance of monitoring any commentary regarding the outlook for the newly launched Bermuda futures exchange. They believe this presents an undervalued source of revenue growth, considering that the crypto derivatives market is over five times the size of the spot market.</p>

NASDAQ:COIN