美国银行将 Coinbase 评级上调至中性，理由是零售参与度和运营杠杆

美国银行证券分析师 Mark McLaughlin 将 Coinbase Global 从表现不佳上调至中性，并将目标价从 110 美元上调至 217 美元，理由是零售加密货币重新参与以及削减开支后的运营杠杆。尽管分析师认为加密货币的宏观环境积极，但风险包括监管不确定性和近期交易收入依赖。市场状况的改善、Coinbase 的成本控制和收入多元化努力预计将支持未来的盈利能力。

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

美国银行证券将 Coinbase 评级上调至中性，理由是零售参与度和运营杠杆

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.

纽约州纽约 - 2023 年 3 月 10 日 - 美国银行证券分析师 Mark McLaughlin 将 Coinbase Global, Inc. (COIN) 从表现不佳上调至中性，同时将目标价从之前的 110 美元上调至 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.

此次升级主要归因于零售参与加密货币市场的复苏以及公司在成本降低后的运营杠杆。麦克劳林承认，虽然当前的宏观环境对加密货币市场有利，但风险仍然存在，特别是监管不确定性和公司对交易收入的依赖来实现盈利。

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.

该分析师表示，当前的市场环境见证了市值和交易量的显着增长，部分原因是包括机构参与者在内的投资者基础的扩大、现货交易所交易基金（ETF）的引入以及市场的成熟。经纪服务。

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.

市场还受益于向更集中的既定加密货币的转变。排名前 10 的代币目前占市值的 83%，而 2021 年 11 月为 73%，降低了 meme 代币的重要性。

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 强调了 Coinbase 的成本纪律以及该公司利用 2022 年实施的成本削减来维持未来盈利能力的能力。在 2022-2023 年的“加密货币冬天”期间，Coinbase 大幅降低了成本基础，以应对交易量和收入的急剧下降。

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，分析师强调收入来源日益多样化，目前与总体销量的相关性较低，这应该是缓解盈利波动的一个因素。

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 警告投资者，美国证券交易委员会 (SEC) 针对 Coinbase 的诉讼所带来的持续监管压力。虽然分析师预计该诉讼在不久的将来不会有任何重大更新，但预计将于 2025 年进行审判，这可能会为未来的监管提供更清晰的信息。

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.

截至撰写本文时，Coinbase 股价上涨 5.31%，至 209.74 美元。该公司的公告和分析师的升级激发了投资者的乐观情绪，表明人们对加密货币行业的情绪可能发生转变。