Coinbase Upgraded As Both Presidential Candidates Show Crypto Support; Analyst Sees Resilience Amid Regulatory Changes
Coinbase Upgraded As Both Presidential Candidates Show Crypto Support; Analyst Sees Resilience Amid Regulatory Changes
Barclays analyst Benjamin Budish upgraded Coinbase Global, Inc. (NASDAQ:COIN) from Underweight to Equal-Weight, lowering the price forecast from $206 to $169.
巴克萊分析師本傑明·布迪什將Coinbase Global, Inc. (納斯達克:COIN)的評級由低於預期升級至等權，將價格預測從206美元降至169美元。
The analyst notes that the regulatory landscape is improving, with presidential candidates showing greater support for crypto and the approval of several spot crypto ETFs.
分析師指出，監管環境正在改善，總統候選人對加密貨幣的支持更加明顯，並批准了幾個現貨加密貨幣交易所。
This favorable environment has helped Coinbase's revenues remain resilient. The analyst acknowledges ongoing risks for Coinbase, such as fee compression in retail and pressure on profitability from lower rates and USDC rewards.
這種有利的環境有助於Coinbase的收入保持穩健。分析師承認Coinbase仍面臨風險，如零售業務手續費下壓以及來自利率下降和USDC獎勵的盈利壓力。
Also Read: Trump Campaign 'More Explicit' In Embracing Crypto, Says Coinbase's Legal Head, But 'Encouraged' By Kamala Harris Campaign's Outreach
另請閱讀：特朗普競選活動「更明確」地擁抱加密貨幣，Coinbase法律主管表示，卻受到賀錦麗競選團隊的「鼓勵」
However, the improving regulatory environment, enhanced profit and loss profile (especially on costs), steady diversification (including futures, base fees, custody revenues, and Coinbase One), and strong industry leadership in the U.S. suggest a more balanced risk/reward profile.
然而，監管環境改善，盈虧狀況得到改善（特別是成本方面），業務多元化穩定（包括期貨、基礎費用、託管收入和Coinbase One），以及在美國的行業領先地位表明風險/回報比更加平衡。
Despite recent share performance—down 35% while the S&P is up 3% over the past three months—the overall outlook appears more favorable, Budish adds.
儘管最近的股票表現不佳——在過去三個月中，Coinbase的股價下跌了35%，而標普上漲了3%，但總體前景似乎更加有利，布迪什補充道。
Coinbase notably expanded its workforce to manage increased volumes but also raised its Technology, Development, and G&A expenditures.
Coinbase顯着擴大了其工作人員以管理增加的交易量，同時也增加了其科技、開發和G&A支出。
The rapid rise in spending led to inefficiencies, as the over-hiring became evident when activity levels declined from their peak, the analyst adds.
分析師補充道，支出的迅速增加導致效率低下，因爲當活動水平從峯值下降時，過度招聘變得明顯。
The analyst adjusted the company's model to account for quarter-to-date trends, including lower crypto asset prices and a reduced fed funds futures curve.
分析師調整了公司的模型，以考慮到當季的趨勢，包括更低的加密資產價格和減少的聯邦基金期貨曲線。
This revision moderates near-term volume growth expectations, reflecting stable broader exchange volumes and modest anticipated growth, Budish adds.
這次修訂減少了近期成交量增長的預期，反映了較穩定的交易所整體成交量和適度的預期增長，Budish補充道。
The analyst lowered the FY24 adjusted EPS estimate to $6.91 from $7.15. For FY25, the analyst decreased adjusted EPS estimate from $6.26 to $5.11.
分析師將FY24調整後的每股收益估計從7.15美元下調至6.91美元。至於FY25，分析師將調整後的每股收益估計從6.26美元降至5.11美元。
Price Action: COIN shares are trading lower by 7.4% to $147.85 at last check Friday.
價格走勢：截至上週五最新交易，COIN股價下跌7.4%，至147.85美元。
Photo by rafapress on Shutterstock
rafaress的shutterstock照片
See Also:
另請參閱：
- El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn't Been A 'Resounding Success' — 'We Have Never Forced Anyone To Adopt It'
- 薩爾瓦多總統納伊布·布克勒表示比特幣的採用並不是一個"驕人的成功"——"我們從未強迫任何人採用"
譯文內容由第三人軟體翻譯。