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Crypto Exchange Coinbase Had a Blowout First Quarter

Coinbase (COIN) had a blowout first quarter as it benefited from improving crypto market conditions and business diversification efforts, broker JMP said in a research report on Thursday. The crypto exchange reported first-quarter net income of $1.2 billion and diluted earnings per share (EPS) of $4.40. Earnings included a mark-to-market gain of about $650 million on crypto assets held for investment. Canaccord Genuity raised its price target to $280 from $240 while maintaining its buy rating. KBW also raised its price target, boosting it to $240 from $230 and reiterated its market perform rating. Coinbase also posted strong growth balances for the USDC stablecoin, both on its platform and in total market cap.

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