Coinbase Stock Rallies On Prediction It Will Survive The Crypto Winter
— Prediction, Theyre, Revenue, Brendler, Coinbase, Coin, Winter, Crypto, Coinbases, Trading — 1 min read
D.A. Davidson analyst Christopher Brendler released a cautiously optimistic note describing the nation’s largest crypto trading firm as “ready for winter’’ As of early afternoon, COIN was trading at $53.65, up 5%, while the NASDAQ NDAQ was flat. Brendler dropped his price target for the company over the next year from $135 to $90, but he ultimately sees the market downturn as opening up acquisition opportunities for well-funded players in the crypto space such as Coinbase. In June, the company joined a myriad of other fintechs in a round of lay-offs, shrinking its workforce by 18%. The company has $3.4 billion in long term debt and has yet to show consistent profitability. Source