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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, .

☆ Wall Street cheers Coinbase after its first quarterly profit in 2 years, but skepticism lingers
▼ + stars: | 2024-02-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Wall Street is celebrating Coinbase after the crypto exchange operator posted its first quarterly profit in two years. Late Thursday, Coinbase posted earnings of $1.04 per share on $954 million of revenue for the fourth quarter. "Happy days are here again" for Coinbase, as Raymond James put it, but it's not clear for how long. "That said, we maintain our U/P rating given crypto market unpredictability, lack of revenue diversification, valuation, and continued legal overhang." JPMorgan, neutral, PT $95 "Management calls spot bitcoin ETFs [a] net positive but, we're still unconvinced," said JPMorgan's Kenneth Worthington.

Persons: Coinbase, haven't, bitcoin, Raymond James, Goldman Sachs, Goldman, Will Nance, revs, Jason Kupferberg, Benjamin Budish, EBITDA, underperform, Patrick O'Shaughnessy, we're, Kenneth Worthington, Keefe, KBW's Kyle Voigt, Oppenheimer, Owen Lau, Devin Ryan, Needham, John Todaro, Canaccord, Joseph Vafi, Michael Bloom Organizations: LSEG, U.S . Securities, Exchange Commission, " Bank of America, Bank of America, Barclays, JPMorgan, Management, SEC, Coinbase's, BTC Locations: U.S, Coinbase, Needham

☆ Coinbase shares can rally more than 40% as crypto industry sees legal wins, Canaccord Genuity says
▼ + stars: | 2023-08-01 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Canaccord Genuity sees a stronger future for Coinbase , doubling its price target on the company on the back of some wins for the crypto industry. The ruling places "further doubt" on the argument of the SEC's case against Coinbase, Vafi said. Coinbase reported earlier this year first-quarter revenue that was up 22% from the prior quarter. The crypto exchange's subscription and services revenue also came in at par with its trading revenue. Shares of Coinbase have gained more than 23% this month and are up nearly 194% year to date.

Persons: Canaccord Genuity, Joseph Vafi, Coinbase, Vafi, — CNBC's Michael Bloom Organizations: Coinbase, BTC, SEC, ETH

☆ Coinbase shares surged on Ripple’s partial court victory this week. Why the decision matters for the crypto exchange
▼ + stars: | 2023-07-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Thursday's judgment was only a partial win for Ripple, but significant nonetheless for both the company and the wider crypto market. Coinbase shares rallied more than 24% the day of the ruling on optimism that it might prevail in its own battle with the SEC. Regulators in June sued Coinbase, alleging it was operating as a broker, an exchange and a clearinghouse for unregistered securities – and named 13 such securities. "In our view, [the] decision in the Ripple case helps tip the scale even more toward a favorable outcome for Coinbase." Needham has a buy rating on Coinbase and on Friday raised its price target to $120 from $70.

Persons: Coinbase, it's, Canaccord, Joseph Vafi, Vafi, Needham, John Todaro, Genuity, Raymond James, Berenberg, Cowen, Ramsey El Organizations: Labs, SEC, Regulators, Wedbush Securities, Berenberg, BTC, Coinbase, Barclays Locations: Coinbase

☆ Wall Street is split on where Coinbase shares go next as the company's legal fight with the SEC begins
▼ + stars: | 2023-06-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Analysts are split on how Coinbase shares perform from here as the company enters a battle with the Securities and Exchange Commission. Others see this development as a major threat to Coinbase's business, going beyond near-term financial implications. Additionally, with the complaint coming a day after the SEC sued Binance , Coinbase is likely to see new trading volumes near term, she added. "The SEC lawsuit highlights that Coinbase simultaneously operates as a broker-dealer, an exchange, and a clearing agency/custodian," he added. "We also want to underscore that the COIN business model is doing well right now," he added.

Persons: it's, Coinbase's, cryptocurrencies, Cathie Wood, Raymond James, Patrick O'Shaughnessy, SVB MoffettNathanson, Lisa Ellis, Ellis, Binance, Coinbase, Gary Gensler, Canaccord, Raymond James –, Jefferies, Trevor Williams, SEC …, Devin Ryan, Joseph Vafi, Jason Kupferberg, Michael Bloom Organizations: Securities and Exchange, SEC, CNBC, Securities, Coinbase, Bank of America Locations: U.S

Recent market volatility and uncertainty regarding the U.S. economy has Wall Street analysts torn about where some stocks are headed in the upcoming months. The stock has buy or overweight ratings from 20% of analysts, while another 20% rates it as sell or underweight. More than half of the analysts covering the stock give it a buy rating. Nonetheless, 24% of analysts have a sell rating on it. More than 30% of analysts have buy ratings on the stock, whereas 23% have a sell rating.

Organizations: ~$ $

☆ Crypto Company Circle Focuses on Growth After Canceled SPAC Merger
▼ + stars: | 2023-02-22 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Circle is still hiring even as many crypto companies are laying off staff and some have filed for bankruptcy following the run on the stablecoin TerraUSD last spring. The crypto company had been preparing to go public via a merger with a special-purpose acquisition company, a move to access the capital market, enhance its transparency and further expand operations internationally. A SPAC typically has as long as two years to find its merger partner, clear the SEC’s review process and complete the deal. Circle, which was founded in 2013, intends to make another bid to go public, though likely not this year, Mr. Fox-Geen said. Circle in 2021 said that Poloniex LLC, its discontinued crypto exchange business, paid $10.4 million to settle a case brought by the SEC.

☆ This little-known AI fintech stock could more than double after 'proving its mettle' in economic uncertainty, Canaccord Genuity says
▼ + stars: | 2023-02-16 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to buy AI-powered fintech stock Pagaya Technologies based on its path to growth, according to Canaccord Genuity. Analyst Joseph Vafi upgraded shares of the Israeli-based technology company to buy from hold, and doubled his price target, saying Pagaya is "proving its mettle" despite economic uncertainty. Pagaya Technologies' shares have taken a beating since the firm went public through a special purpose acquisition company, EJF Acquisition. Last year, Pagaya shares plunged 87%, while the S & P 500 fell 19%, according to FactSet data. PGY 6M mountain Pagaya shares over past 6 months.

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