Cantor Fitzgerald Doubles Down on Coinbase Price Target
Cantor Fitzgerald has raised its price target for Coinbase Global Inc.'s stock to $212 from $184, citing the cryptocurrency's momentum. The firm updated its model to reflect management commentary and third-quarter guidance from the company.
Coinbase's guidance includes subscription and services revenue of approximately $500 million to $580 million, transaction expenses in the mid-teens as a percentage of net revenue, adjusted expenses of approximately $980 million to $1.08 billion, and stock-based compensation of approximately $245 million.
The price target increase is based on 19 times the firm's calendar year 2027 adjusted EBITDA estimate of $2.68 billion plus a discounted cash flow analysis. Coinbase currently trades at $181.13 with a market cap of $47.74 billion and carries a beta of 3.36, reflecting its highly volatile nature.