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.
巴克莱分析师本杰明·布迪什将Coinbase Global, Inc.（纳斯达克股票代码：COIN）从减持上调至同等权重，将价格预测从206美元下调至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.
这位分析师指出，监管格局正在改善，总统候选人表示更大支持加密货币，并批准了几只现货加密ETF。
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.
这种有利的环境帮助Coinbase的收入保持弹性。这位分析师承认，Coinbase面临持续的风险，例如零售业的费用压缩以及较低的利率和USDC奖励对盈利能力的压力。
Also Read: Trump Campaign 'More Explicit' In Embracing Crypto, Says Coinbase's Legal Head, But 'Encouraged' By Kamala Harris Campaign's Outreach
另请阅读：Coinbase的法律负责人表示，特朗普竞选活动在采用加密货币方面 “更加明确”，但受到卡马拉·哈里斯竞选活动的外联活动感到 “鼓舞”
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.
但是，监管环境的改善、损益状况的改善（尤其是成本方面）、稳定的分散投资（包括期货、基本费用、托管收入和Coinbase One）以及美国强大的行业领导地位表明风险/回报状况更加平衡。
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.
布迪什补充说，尽管最近的股票表现——在过去三个月中下跌了35％，而标准普尔指数上涨了3％——但整体前景似乎更加乐观。
Coinbase notably expanded its workforce to manage increased volumes but also raised its Technology, Development, and G&A expenditures.
Coinbase显著扩大了员工队伍以管理不断增加的交易量，但也增加了技术、开发和并购支出。
The rapid rise in spending led to inefficiencies, as the over-hiring became evident when activity levels declined from their peak, the analyst adds.
分析师补充说，支出的快速增长导致效率低下，因为当活动水平从峰值下降时，超额招聘就显而易见了。
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.
分析师调整了公司的模型，以考虑季度迄今为止的趋势，包括加密资产价格的下跌和联邦基金期货曲线的缩小。
This revision moderates near-term volume growth expectations, reflecting stable broader exchange volumes and modest anticipated growth, Budish adds.
布迪什补充说，此次修订缓和了短期交易量增长预期，反映了稳定的整体交易量和温和的预期增长。
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.
该分析师将24财年调整后的每股收益预期从7.15美元下调至6.91美元。对于25财年，分析师将调整后的每股收益预期从6.26美元下调至5.11美元。
Price Action: COIN shares are trading lower by 7.4% to $147.85 at last check Friday.
价格走势：周五最后一次检查时，COIN股价下跌7.4％，至147.85美元。
Photo by rafapress on Shutterstock
照片由 rafapress 在 Shutterstock 上拍摄
See Also:
另请参阅：
- El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn't Been A 'Resounding Success' — 'We Have Never Forced Anyone To Adopt It'
- 萨尔瓦多总统纳伊布·布克勒说，比特币的吸收并没有 “巨大成功” —— “我们从未强迫任何人采用它”