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☆ Wall Street views Coinbase through an election lens and soft pedals weak earnings
▼ + stars: | 2024-10-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Coinbase Global's latest earnings were even weaker than expected, but with an eye toward next week's election and its effect on cryptocurrency markets, many analysts on Wall Street say the exchange is still a buy. Coinbase also warned that an October drop in the price of ether could offset growth in nontrading revenue in the current quarter. Coinbase tumbled as much as 8.6% in early trading Thursday, touching a low of $193.56. The election outcome at one point was widely viewed as a key catalyst for the price of bitcoin. On the earnings call, CEO Brian Armstrong said he expects to see "the most pro-crypto Congress ever" next year.

Persons: Coinbase, Joseph Vafi, Genuity, Citigroup's Peter Christiansen, Christiansen, –, Brian Armstrong, Piper Sandler, Patrick Moley, — CNBC's Michael Bloom Organizations: Wall, White House, Citi, Canaccord, Bank of America, SEC Locations: U.S, .

Its price target implies more than 30% upside. Analyst Stephen Bersey also slashed his price target for the stock to $302 from $388. The financial firm reiterated its overweight on the technology titan and Magnificent Seven member and increased its price target to $485 from $465. The bank upgraded shares of the doughnut maker to buy from hold, while standing by its target price of $14. The bank upgraded the shoe company to overweight from equal weight and raised its price target to $80 from $60.

Persons: CrowdStrike, Morgan Stanley, Stephen Bersey, Bersey, Lisa Kailai Han, Piper Sandler, Brent Bracelin, Bracelin, — Lisa Kailai Han, Peter Christiansen, Christiansen, Sorabh Daga, McDonald's, Daga, Fred Imbert Organizations: CNBC, HSBC, HSBC downgrades CrowdStrike, Guggenheim, Microsoft, Microsoft Cloud, Citi Locations: CrowdStrike, U.S, Monday's

☆ Don't chase the Coinbase rally as regulatory risks still linger, analysts warn
▼ + stars: | 2023-07-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Investors shouldn't chase the Coinbase rally that was sparked by a pop in crypto asset XRP due to a partial legal win in federal court, analysts warned. The judge also ruled that Ripple violated securities laws when selling XRP to institutions but not to retail investors. However, some analysts noted investors should stay cautious around Coinbase for a little while longer. Despite the ways Coinbase and the crypto industry can benefit from the ruling, the dark cloud of regulatory uncertainty hasn't gone away yet. He added that although the ruling is positive, it's "not a Panacea" for Coinbase.

Persons: XRP, Peter Christiansen, Bank of America's Jason Kupferberg, Kupferberg, Christiansen, Michael Bloom Organizations: of, Citi, Bank of America's, SEC, Coinbase, Bank of America, America's Locations: Southern, of New York, Cancun

☆ Citi downgrades this crypto trading giant over uncertain regulatory path
▼ + stars: | 2023-05-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Citi thinks cryptocurrency exchange Coinbase's future will be plagued with regulatory uncertainty, and investors may want to steer clear because of that. The firm downgraded shares of the platform to neutral/high risk from buy/high risk with a $65 price target, down from $80. COIN YTD mountain Coinbase stock could face more pressure as the legal dispute with the U.S. Securities and Exchange Commission unfolds, Citi says. But Citigroup isn't convinced that's likely, especially since Coinbase is pursuing its own lawsuit against the SEC in response to a Wells notice received in March. Coinbase shares fell more than 1% after the downgrade.

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