2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
Goldman Sachs expects astir integer plus companies to miss top-line estimates erstwhile they study archetypal 4th earnings, and downgrades Robinhood to merchantability from neutral arsenic Street expectations for the institution stay excessively high.
Street estimates for Robinhood (HOOD) inactive person to travel down, says the expert squad astatine Goldman, noting profitability successful 2023 would necessitate the hard operation of 10% oregon much integrated gross maturation positive macro tailwinds - this astatine a clip erstwhile engagement is struggling.
Goldman downgrades from neutral to sell, with $13 terms target. Shares are down 6.3% contiguous to $11.32.
The squad expects astir integer plus players to miss Q1 gross estimates, but says Coinbase (COIN) and Silvergate (SI) – on with HOOD – volition beryllium the furthest beneath consensus.
For Coinbase, Goldman sees full Q1 trading volumes of $302 billion, a sizable diminution from $547 cardinal successful Q4. On the affirmative side, crypto derivatives and NFT businesses proceed to build. Goldman maintained its bargain proposal connected Coinbase’s stock.
For Silvergate Capital (SI), Goldman expects Q1 net to disappoint, peculiarly arsenic the summation of Meta’s Diem task could measurement connected the company’s bottommost enactment and publication worth successful the near-term. Goldman nevertheless maintains its bargain standing connected the shares.
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Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
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