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Coinbase Rallied For 'No Good Reason' - Mizuho

Stock Markets Aug 04, 2022 04:05PM ET
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© Reuters Coinbase (COIN) Rallied For 'No Good Reason' - Mizuho

By Sam Boughedda

A Mizuho analyst kept a Neutral rating and $42 per share price target on Coinbase (NASDAQ:COIN) shares Thursday, stating the firm remains "cautious" on the stock.

Coinbase shares jumped over 20% Wednesday "significantly outperforming Bitcoin & peers," said the analyst, adding that depressed volumes suggest the move was not merited.

"Indeed, at ~$1.8bn of crypto trading volume generated on the COIN platform, Wednesday's volumes were barely above July's 'crypto winter' levels, suggesting that the hype was premature," wrote the analyst.

He added that the stock jumped for "no good reason" with volumes just "~5% above COIN's average daily trading volume during the lowly July, and is nearly -50% below 1Q levels."

"We assign a 7x multiple on COIN 2024E EBITDA (unchanged) to arrive at our $42 price target. Our multiple contemplates COIN's risks from volatility and pricing pressure."

Coinbase Rallied For 'No Good Reason' - Mizuho
 

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carlos guo
carlos guo Aug 04, 2022 4:27PM ET
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Same could be said about the entire stock market right now.
 
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