COIN or HOOD? BofA's Top Analyst Picks the Better Crypto Exchange Platform
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Siegenthaler is a five-star analyst on TipRanks, ranking #82 out of the 9,897 analysts tracked. He boasts a 64% success rate and an average return per rating of 18.80%. Remarkably, his best rating to date has been on Robinhood Markets stock, where he assigned a Buy recommendation on August 12, 2024, and has remained at that rating since. This bullish call has earned him a massive average return of 438.80%.
BofA Raises HOOD's Price Target
Siegenthaler raised his price target on HOOD stock from $112 to $119, implying 19.1% upside potential from current levels. He maintained a 'Buy' rating on HOOD, reflecting his optimistic view of the company's long-term growth potential. The analyst was highly encouraged by Robinhood's 40% beat on earnings, which he attributes to improved sales and effective expense management strategies.
Robinhood's earnings per share (EPS) of $0.42 surpassed analysts' consensus estimate of $0.31 per share. Additionally, sales jumped 45% year-over-year to $989 million, exceeding expectations of $914.6 million. The consistent rise in Bitcoin prices has helped Robinhood generate higher revenue from interest-earning assets and growing transaction volumes.
BofA Slashes COIN's Price Target
Siegenthaler slashed Coinbase Global's price target to $369 from $383, implying 17.3% upside potential from current levels. However, he maintained a 'Hold' rating on COIN, signaling a cautious stance on the cryptocurrency exchange. The analyst was discouraged by Coinbase's earnings miss.
On July 31, COIN stock plunged over 16% after the company reported a huge EPS miss for the second quarter. Coinbase recorded EPS of $0.12, significantly below the consensus estimate of $1.25 and down from last year's $0.14 per share. Meanwhile, sales rose 3.3% year-over-year to $1.5 billion, missing analysts' expectations of $1.59 billion. Coinbase's trading volumes fell 40% compared to the prior quarter, due to lower volatility in crypto markets as investors pulled back from non-Bitcoin assets.
Which Is the Best Crypto Exchange Stock?
We used the TipRanks Stock Comparison Tool to determine which stock is more favored by analysts. Currently, Wall Street has a 'Moderate Buy' consensus rating on both stocks, with COIN offering higher upside potential over the next 12 months.
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