{"id":20765,"date":"2023-05-10T16:54:54","date_gmt":"2023-05-10T16:54:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hcw-analyst-raises-price-target-on-coinbase-stock-after-strong-q1\/"},"modified":"2023-05-10T16:54:54","modified_gmt":"2023-05-10T16:54:54","slug":"hcw-analyst-raises-price-target-on-coinbase-stock-after-strong-q1","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hcw-analyst-raises-price-target-on-coinbase-stock-after-strong-q1\/","title":{"rendered":"HCW analyst raises price target on Coinbase stock after strong Q1"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/167658504_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/167658504_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/167658504_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/05\/167658504_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Coinbase reported strong results for its first financial quarter last week.<\/li>\n<li>HCW analyst Mike Colonnese now sees upside in \u201cCOIN\u201d to $77.<\/li>\n<li>Coinbase stock is already up about 85% versus the start of the year.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/coinjournal.net\/exchanges\/coinbase\/\">Coinbase Global Inc<\/a> is trading up this morning after an H.C. Wainwright analyst raised his price objective on the largest U.S. based crypto exchange.<\/p>\n<h2>Coinbase stock has upside to $77<\/h2>\n<p>Mike Colonnese now sees upside in the Coinbase stock to $77 that suggests it could climb another 25% from here.<\/p>\n<p>The bullish call arrives only days after the crypto company reported solid results for its <a href=\"https:\/\/finance.yahoo.com\/news\/coinbase-global-inc-coin-q1-231511193.html\" target=\"_blank\" rel=\"noopener\">first financial quarter<\/a>. What thrilled this analyst in particular was improvement in terms of the retail take rate.<\/p>\n<blockquote>\n<p>Coinbase increased spreads to drive over a 13-bps sequential increase in blended average retail take rate to 1.68%. So, we view its pricing power as very encouraging.<\/p>\n<\/blockquote>\n<p>Colonnese is bullish on <a href=\"https:\/\/www.coinbase.com\/prime\" target=\"_blank\" rel=\"noopener\">Coinbase Prime<\/a> as well that saw record volumes in the first quarter. Shares of Coinbase Global Inc are already up 85% for the year at writing.<\/p>\n<h2>Coinbase shares have positive risk-reward<\/h2>\n<p>The H.C. Wainwright analyst now expects the Nasdaq-listed firm to generate $3.04 billion in revenue this year.<\/p>\n<p>Earlier this year, Coinbase received a \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-22\/coinbase-coin-gets-sec-wells-notice-over-crypto-offerings\" target=\"_blank\" rel=\"noopener\">Wells Notice<\/a>\u201d from the U.S. Securities and Exchange Commission. But Colonnese remains constructive based on what executives said on the earnings call.<\/p>\n<blockquote>\n<p>Management said the company is 100% committed to U.S. and is optimistic on U.S. getting crypto regulation right, citing strong bipartisan support to introduce new legislation.<\/p>\n<\/blockquote>\n<p>All in all, he sees positive risk-reward in the Coinbase stock especially considering the ongoing recovery in crypto prices at large and the <a href=\"https:\/\/www.forbes.com\/sites\/digital-assets\/2023\/05\/02\/coinbase-sets-up-shop-in-bermuda-as-it-battles-sec-at-home\/\" target=\"_blank\" rel=\"noopener\">international exchange<\/a> this company launched earlier this month in Bermuda.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/buy-coinbase-stock-on-q1-earnings-report\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Coinbase reported strong results for its first financial quarter last week. HCW analyst Mike Colonnese now sees upside in \u201cCOIN\u201d to $77. Coinbase stock is already up about 85% versus the start of the year. Coinbase Global Inc is trading up this morning [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":20766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20765"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20765"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20766"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}