Barclays Reiterates ‘Equalweight’ Rating on Coinbase Global (COIN) Buoyed by Deribit Acquisition

Coinbase Global, Inc. (NASDAQ:COIN) is one of the top 10 stocks to buy now according to Cathie Wood. On August 15, analysts at Barclays reiterated an ‘Equalweight’ rating on the stock and raised its price target to $365 from $352. The price target adjustment follows the stock’s rally by more than 24% year to date.

Additionally, the firm remains confident about the company’s growth prospects following the $2.9 billion acquisition of crypto derivatives platform Deribit. The acquisition is already having an impact as it contributed about $30 million in revenues in July.

Deribit is also expected to incur approximately $10 million in additional technology, general, and administrative expenses in the third quarter. It will also represent an annual run-rate of approximately $80 million. Barclays expects the Deribit deal to be 5% of Coinbase’s adjusted EBITDA per share based on its annual run rate of $280 million.

Coinbase Global, Inc. (NASDAQ:COIN) has carved a niche as a secure online company that offers a platform for buying, selling, transferring, and storing cryptocurrency. It strives to create a financial system for helping people convert crypto into and out of local currencies.

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Disclosure: None. This article is originally published at Insider Monkey.