Coinbase consensus estimates ‘safe’ into earnings, says H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese views the Q3 consensus estimates “as safe” heading into Coinbase’s (COIN) earnings release tomorrow. Consensus revenue and earnings estimates are “well-calibrated” going into Coinbase’s report, the analyst tells investors in a research note. Given its expectations for an in-line quarter, the firm does not expect to see a significant move in shares in either direction after the print. However, it remains “very bullish” on the stock over the next 12 months, based on the crypto industry’s “four-year price cycle and Coinbase’s dominant position in the digital assets’ ecosystem.” H.C. Wainwright reiterates a Buy rating on the shares with a $216 price target