“We expect $COIN to regain a portion of its share losses from the past 2+ years, but still see a steep climb to Street estimates in FY25,” Jefferies analysts said. Coinbase stock has fallen 83% over the past 12 months:
The collapse of the crypto exchange FTX has left a black hole in the cryptocurrency ecosystem. But Jefferies analysts on Monday said they believed rival Coinbase Global Inc. would ultimately be spared — albeit not without a few hits along the way.
“We expect COIN to regain a portion of its share losses from the past 2+ years, but still see a steep climb to Street estimates in FY25, which we believe embed a bitcoin recovery to ~$25k,” they continued. “COIN’s market share has trended negatively over the past two years, but we expect some of these losses to be pared in the near-term…and over a longer time horizon as COIN can re-establish its status as the de facto on-ramp into crypto, should we see another up-cycle,” the analysts said.
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