美國銀行將 Coinbase 評級上調至中性，理由是零售參與度和營運槓桿

美國銀行證券分析師 Mark McLaughlin 將 Coinbase Global 從表現不佳上調至中性，並將目標價從 110 美元上調至 217 美元，理由是零售加密貨幣重新參與以及削減開支後的營運槓桿。儘管分析師認為加密貨幣的宏觀環境積極，但風險包括監管不確定性和近期交易收入依賴。市場狀況的改善、Coinbase 的成本控制和收入多元化努力預計將支持未來的獲利能力。

BofA Securities Upgrades Coinbase to Neutral, Citing Retail Engagement and Operating Leverage

美國銀行證券將 Coinbase 評級上調至中性，理由是零售參與度和營運槓桿

New York, NY - March 10, 2023 - BofA Securities analyst Mark McLaughlin has upgraded Coinbase Global, Inc. (COIN) to Neutral from Underperform, simultaneously raising the price target to $217 from the previous $110.

紐約州紐約 - 2023 年 3 月 10 日 - 美國銀行證券分析師 Mark McLaughlin 將 Coinbase Global, Inc. (COIN) 從表現不佳上調至中性，同時將目標價從之前的 110 美元上調至 217 美元。

The upgrade is primarily attributed to the resurgence of retail participation in the cryptocurrency market and the company's operating leverage following cost reductions. McLaughlin acknowledges that while the current macro environment has been favorable for the cryptocurrency market, risks remain, particularly in the form of regulatory uncertainty and the company's reliance on transaction revenue for profitability.

此次升級主要歸因於零售參與加密貨幣市場的復甦以及公司在成本降低後的營運槓桿。麥克勞林承認，雖然當前的宏觀環境對加密貨幣市場有利，但風險仍然存在，特別是監管不確定性和公司對交易收入的依賴來實現盈利。

According to the analyst, the current market environment has witnessed a notable increase in market capitalization and trading volumes, driven in part by an expanded investor base that includes institutional players, the introduction of spot exchange-traded funds (ETFs), and the maturation of brokerage services.

該分析師表示，當前的市場環境見證了市值和交易量的顯著增長，部分原因是包括機構參與者在內的投資者基礎的擴大、現貨交易所交易基金（ETF）的引入以及市場的成熟。

The market has also benefited from a shift towards a more concentrated set of established cryptocurrencies. The top 10 coins now account for 83% of the market capitalization compared to 73% in November 2021, reducing the prominence of meme coins.

市場也受益於向更集中的既定加密貨幣的轉變。前 10 名的代幣目前佔市值的 83%，而 2021 年 11 月為 73%，降低了 meme 代幣的重要性。

McLaughlin emphasizes Coinbase's cost discipline and the company's ability to leverage its cost reductions, implemented during 2022, to maintain profitability in the future. During the "crypto winter" of 2022-2023, Coinbase significantly reduced its cost base in response to a sharp decline in transaction volumes and revenue.

McLaughlin 強調了 Coinbase 的成本紀律以及該公司利用 2022 年實施的成本削減來維持未來盈利能力的能力。在 2022-2023 年的「加密貨幣冬天」期間，Coinbase 大幅降低了成本基礎，以應對交易量和收入的急劇下降。

Additionally, the analyst highlights the increased diversification of revenue sources, which are now less correlated with overall volumes, as a factor that should mitigate earnings volatility.

此外，分析師強調收入來源日益多樣化，目前與整體銷售的相關性較低，這應該是緩解獲利波動的一個因素。

However, McLaughlin cautions investors about the ongoing regulatory overhang surrounding the U.S. Securities and Exchange Commission (SEC) lawsuit against Coinbase. While the analyst does not anticipate any significant updates on the lawsuit in the near future, a trial is expected to take place in 2025, which could provide greater clarity on future regulation.

然而，McLaughlin 警告投資者，美國證券交易委員會 (SEC) 針對 Coinbase 的訴訟所帶來的持續監管壓力。雖然分析師預計該訴訟在不久的將來不會有任何重大更新，但預計將於 2025 年進行審判，這可能會為未來的監管提供更清晰的資訊。

At the time of writing, Coinbase shares were trading 5.31% higher at $209.74. The company's announcement and the analyst's upgrade have sparked optimism among investors, indicating a potential shift in sentiment towards the cryptocurrency industry.

截至本文撰寫時，Coinbase 股價上漲 5.31%，至 209.74 美元。該公司的公告和分析師的升級激發了投資者的樂觀情緒，顯示人們對加密貨幣產業的情緒可能發生轉變。