These Analysts Boost Their Forecasts On Coinbase Global After Q1 Results

Coinbase Global, Inc. COIN reported worse-than-expected first-quarter financial results on Thursday.

Coinbase reported first-quarter total revenue of $2.03 billion, missing a Street consensus estimate of $2.12 billion. Adjusted earnings per share of $1.94 missed a Street consensus estimate of $2.11 for the quarter.

Transaction revenue was $1.26 billion in the first quarter, up from $1.08 billion in last year’s first quarter and down 19% quarter-over-quarter.

“This quarter, we made meaningful progress against our 2025 priorities of driving revenue, driving utility, and building the foundations to power the next decade of growth,” the company said.

Coinbase shares fell 0.8% to trade at $204.73 on Friday.

These analysts made changes to their price targets on Coinbase following earnings announcement.

Keefe, Bruyette & Woods analyst Kyle Voigt maintained Coinbase Global with a Market Perform and raised the price target from $183 to $205.
Piper Sandler analyst Patrick Moley maintained the stock with a Neutral and raised the price target from $180 to $190.
Canaccord Genuity analyst Joseph Vafi maintained Coinbase Global with a Buy and maintained a $400 price target.

Considering buying CL stock? Here’s what analysts think: