EddieJayonCrypto

 17 May 24

tl;dr

Coinbase Global (NASDAQ:COIN) stock gained 2.4% in Friday premarket trading after Bank of America Securities upgraded the cryptocurrency exchange to Neutral from Underperform due to the company's expense discipline and diversification strategy combined with an improved crypto outlook. "The current m...

Coinbase Global (NASDAQ:COIN) stock gained 2.4% in Friday premarket trading after Bank of America Securities upgraded the cryptocurrency exchange to Neutral from Underperform due to the company's expense discipline and diversification strategy combined with an improved crypto outlook. "The current macro environment has been a positive for cryptocurrency market cap appreciation and trading volume," BofA analyst Mark McLaughlin wrote in a note to clients. At the company level, he points out that operating leverage from Coinbase's (COIN) large cost cuts in 2022 will help it stay profitable going forward. In addition, "increased diversification of revenue sources less correlated with overall volumes should dampen earnings volatility." Counterweights are Coinbase's (COIN) dependence on transaction revenue for profitability and regulatory overhang related to its ongoing SEC lawsuit. McLaughlin's Neutral rating on the stock aligns with the SA Quant rating, the average SA Analyst rating, and the average Wall Street rating, all at Hold.

More about Coinbase Global Inc
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Company: Coinbase Global Inc

Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.

Sector: Finance

Industry: Finance Services

Market Cap: 51.46 Billion

Stock Price: $41.09

Dividend Yield: None

P/E Ratio: 5.1

EPS: 15.83

Beta: 0.357

Volume: 3,777,835,000

52-Week High: $258.75

52-Week Low: $3.27

50-Day Moving Average: $1.156

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