Piper Sandler Reiterates Neutral Rating on Coinbase Global Inc. (COIN)

Piper Sandler analyst Patrick Moley reiterated a Neutral rating and $245.00 price target on Coinbase Global Inc. (NASDAQ: COIN).

The analyst comments "COIN posts modest core EPS miss vs. our estimate. Excluding the impact of $319M of pretax M2M losses on crypto assets (due to the adoption of accounting standard 2023-08) and assuming a normalized tax rate of 25%, we calculate core EPS of $0.73, which is slightly below our estimate of $0.75 and below the consensus of $0.95. Total revenues of $1,450M were $113M (~9%) above our est., while operating expenses of $1,107M were $65M (~6%) above our estimate. COIN's adjusted EBITDA of +$596M was above our +$497M estimate. Bottom line, extrapolating July trading revenues for the full quarter, COIN's guidance for 3Q24 implies a significant contraction in the operating margin (we est. ~24% in 2Q24 to ~8% in 3Q24) as the company signaled plans to grow its variable marketing spend and increase headcount in 2H24."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $212.64 yesterday.

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