BofA Securities Reiterates Underperform Rating on Coinbase Global Inc. (COIN), 'Robust 4Q print, but shares are pricey'

BofA Securities analyst Jason Kupferberg reiterated an Underperform rating and $79.00 price target on Coinbase Global Inc. (NASDAQ: COIN).

The analyst commented: "COIN up after hours after clean 4Q print COIN shares are trading up after hours following a solid top-line and Adjusted EBITDA beat. Transaction revs came in better than expected largely due to another quarter of take-rate outperformance. That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang."

"Transaction volumes were $154B in 4Q vs. BofAe/Street at $150B/$137B. The blended take-rate of 34bps came in above BofA/Street forecast of 30bps, driving the transaction revs beat at $529M (BofAe/Street was $444M/$413M). 4Q OpEx of $838M came in above ests, but Adj EBITDA beat expectations at $305M (BofAe/Street $266M/$252M). For Q1, COIN expects transaction expenses to remain flat as a percentage of net revs at mid-teens. Tech and development + G&A expenses are expected to be $600M-$650M, up slightly from $604M in 4Q. Sales and marketing expenses are expected to be $85M- $100M. Q1 S&S revenues are expected to be $410M-$480M, with where the actuals fall within the range depending on crypto asset prices for the remainder of the quarter."

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 $165.67 yesterday.

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