"We believe COIN has a very strong cash position and may even capitalize on the FTX bankruptcy upheaval over the long term," analyst Richard Repetto wrote in a Friday note. The firm reiterated its overweight rating and $100 price target on shares of the crypto exchange. The price target implies that Coinbase could surge 120% from where it currently trades. The stock has plunged more than 80% year to date.
Coinbase is on track to meet its goal of an adjusted earnings loss of less than $500 million for the full year 2022. On the other hand, Robinhood reached profitability sooner than expected because of aggressive cost cutting, which Coinbase may want to consider, Repetto noted. "COIN has argued that its elevated adjusted EBITDA "profitability" in 2021 warrants more tolerance of the losses experienced in 2022," he said.
Cramer likes $coin to $475
Coinbase and Bitcoin will get crushed soon. Stop the nonsense