- Needham analyst John Todaro maintains Coinbase Global Inc (NASDAQ:COIN) with a Buy and lowers the price target from $73 to $70.
- Todaro lowered his Q1 FY23 volume estimate from $151 billion to $147 billion in a Monday note titled “COIN Q1 ’23 Preview: Modestly Lowering Volume & Q2 Interest Income from USDC.”
- The analyst modestly raised his Q1 FY23 interest income estimate but lowered his interest income estimate for Q2 FY23 to reflect a 23% lower USD Coin Price (USDC) market cap.
- Due to Silicon Valley Bank’s failure in late March, USDC’s market cap declined 23% and is yet to recover.
- The analyst lowered his price target to reflect lower volume and interest income estimates for FY23.
- He estimates Q1 FY23 volume to remain nearly flat Q/Q. The analyst foresees Q1 to mark the first quarter since the crypto boom unwound that Coinbase’s quarterly volume did not decline, offering optimism that retail volume could have bottomed.
- Additionally, alt-coin trading as a percent of total trading volume on Coinbase has increased, indicating increased retail risk-taking in crypto.
- Price Action: COIN shares traded lower by 6.99% at $50.03 on the last check Monday.
Cryptocurrency Filecoin Decreases More Than 16% Within 24 hours
Over the past 24 hours, Filecoin's (CRYPTO: FIL) price has fallen 16.04% to $4.5. This continues its negative trend over the past week where it has experienced a 14.0% loss, moving from $5.25 to its current price.
