Bank of America upgrades Coinbase to 'buy' from 'neutral'

Time：2022-01-07 Source： 771 views Trending Copy share

Bank of America has upgraded Coinbase Global Inc (NASDAQ:COIN) to "buy" from "neutral," and analyst Jason Kupferberg said Coinbase's revenue is diversifying, "a trend that will continue to expand in 2022 and beyond." It may accelerate in the future”, he predicts that by 2023, Coinbase subscription and service revenue will account for 16% of total revenue, factors driving this trend may include: blockchain rewards, user learning, NFT transactions that have not yet officially launched Platforms and DeFi Products.

Sensor Tower data suggests that with Coinbase app downloads growing and average revenue per user (ARPU) accelerating, there is potential for a significant boost in the company's fourth-quarter forecast.

Analysts raised the company's fourth-quarter ARPU forecast to $45 from $30, and net revenue forecast to $1.44 billion from $958 million.

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