Crypto exchange Coinbase Global (COIN) is scheduled to announce its third-quarter results after the stock market closes on Thursday, October 30. Ahead of the earnings, top H.C. Wainwright analyst Mike Colonnese double-upgraded COIN stock to Buy from Sell and boosted the price target to $425 from $300. The top-rated analyst cited his “bullish outlook” for crypto asset prices in the fourth quarter and regulatory tailwinds as reasons for the double upgrade.
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Meanwhile, Wall Street expects Coinbase to report a 304% jump in its Q3 earnings per share (EPS) to $1.13. Revenue is estimated to increase 49% year-over-year to $1.80 billion.
H.C. Wainwright Turns Bullish on Coinbase Global Stock
Colonnese expects rising crypto asset prices, driven by seasonal strength and accelerating institutional demand, coupled with regulatory tailwinds, to drive Coinbase Global stock higher in the fourth quarter.
Despite the ongoing U.S. government shutdown, the 5-star analyst sees a high likelihood of the market structure legislation passing the Senate before the end of the year (after the CLARITY Act passed the House in July), which could be a major positive catalyst for COIN stock.
Meanwhile, Colonnese expects Coinbase Global to report strong Q3 results. He sees modest upside to the current consensus revenue estimate, backed by stronger-than-expected subscription and services revenues, higher retail spreads, and a greater-than-expected contribution from the Deribit acquisition.
Is COIN Stock a Good Buy?
Ahead of the earnings, Wall Street has a Moderate Buy consensus rating on Coinbase stock based on 14 Buys, eight Holds, and two Sell recommendations. The average COIN stock price target of $382.57 indicates about 10% upside potential. Coinbase Global stock has risen 40% year to date.
