09:55 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our price target by $39 to $234 on EV/sales of 13.0x our 2024 sales estimate. We raise our 2024 EPS estimate by $5.05 to $7.60 and 2025's by $0.52 to $3.00. COIN reported Q1 2024 EPS of $4.40 vs. -$0.34, a $3.33 consensus beat on revenues that were 10% above consensus. Revenues rose 112% Y/Y on a 146% Y/Y increase in Transactional as both Consumers (+138% Y/Y) and Institutions (+283% Y/Y) increased activity with the run-up in crypto prices that sent Bitcoin (33% of trading volume and 30% of transactional revenue) to record highs. Robust demand enabled COIN to keep take-rates stable despite increasing competition from low-cost ETFs. Subscription and Services revenue rose 41% Y/Y, benefiting from higher crypto prices and increased USDC usage. Operating expenses were down 2% Y/Y, with employee count stabilizing after significant layoffs over the last few years. COIN results will be driven by crypto asset prices and volatility moving forward, while SEC-related lawsuits add additional risks, in our view.