COIN TP Raised to $345, Safe Price at $210~230 to entry before Q2 ERs？
Citi upgraded $Coinbase Global, Inc.(COIN)$ to buy from neutral and raised its price target to $345 from $260. They also upgraded it to a “buy” rating.
The crypto exchange could benefit from an improving regulatory regime in the U.S., the report said. Coinbase could also profit from a U.S. crypto catchup, the bank said.
$Coinbase Global, Inc.(COIN)$ announced today that it will publish its second quarter 2024 shareholder letter, including financial results, on its Investor Relations website at investor.coinbase.com on Thursday, August 1, 2024, after market close.
The Company will hold a conference call to discuss its financial results at 2:30 p.m. PT that same day.
The company's EPS has exceeded expectations in the past four quarters, and the Q224 expectations are that it will be better than the same period last year.
According to Zacks Investment Research, based on 7 analysts' forecasts, the consensus EPS forecast for the quarter is $1.1. The reported EPS for the same quarter last year was $-0.42.
However, not every time EPS exceeds expectations, $Coinbase Global, Inc.(COIN)$ stock price will rise. At present, it is more likely to rise before the financial report.
The following is the performance before and after the financial report in the past four quarters:
However, due to the catch-up of Harris poll results recently,, "Trump"-supported blockchain stocks including $Marathon Digital Holdings Inc(MARA)$ and $MicroStrategy(MSTR)$ have experienced a pullback.
In the short term, I think it is safer to intervene in $Coinbase Global, Inc.(COIN)$ at $210~$230. In the long term, it is indeed bullish. I have also paid attention to options with a target price of $320 expiring in January 2025.
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COIN Stock - Citi Just Raised Its Price Target on Coinbase (COIN) Stock
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