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• Coinbase reported strong outcomes for its first monetary quarter final week.
• HCW analyst Mike Colonnese now sees upside in “COIN” to $77.
• Coinbase stock is already up about 85% versus the beginning of the yr.

Coinbase Global Inc is buying and selling up this morning after an H.C. Wainwright analyst raised his price goal on the biggest U.S. primarily based crypto trade.

Coinbase stock has upside to $77

Mike Colonnese now sees upside within the Coinbase stock to $77 that implies it may climb one other 25% from right here.

The bullish name arrives solely days after the crypto firm reported stable outcomes for its first financial quarter. What thrilled this analyst particularly was enchancment by way of the retail take charge.

Coinbase elevated spreads to drive over a 13-bps sequential improve in blended common retail take charge to 1.68%. So, we view its pricing energy as very encouraging.

Colonnese is bullish on Coinbase Prime as properly that noticed document volumes within the first quarter. Shares of Coinbase Global Inc are already up 85% for the yr at writing.

Coinbase shares have optimistic risk-reward

The H.C. Wainwright analyst now expects the Nasdaq-listed agency to generate $3.04 billion in income this yr.

Earlier this yr, Coinbase obtained a “Wells Notice” from the U.S. Securities and Exchange Commission. But Colonnese stays constructive primarily based on what executives mentioned on the earnings name.

Management mentioned the corporate is 100% dedicated to U.S. and is optimistic on U.S. getting crypto regulation proper, citing strong bipartisan assist to introduce new laws.

All in all, he sees optimistic risk-reward within the Coinbase stock particularly contemplating the continued restoration in crypto costs at massive and the international exchange this firm launched earlier this month in Bermuda.