Coinbase is Looking to Rally from its 2021 Slump and Cintas Shocks Analysts as Earnings Results Beat Consensus
Coinbase Global Inc.
Despite the turbulence in the crypto markets with regulatory uncertainty, JMP Securities initiated coverage of Coinbase this week, rating it as a “Buy”! The bank set a price target of $300.
“I can’t think of any other company with 70 million customers that generates roughly $7 billion in revenues that’s in its first or second inning as a business,” Devin Ryan, analyst, and director of JMP’s financial technology research, told Yahoo Finance.
Coinbase CEO Brian Armstrong said, “We’re also focusing on international expansion, another form of decentralization, and just listing more and more assets. We want to be the Amazon of assets, list every asset out there in crypto that’s legal.”
Looking ahead, Coinbase is optimistic about seeing gains soon. “We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class,” the company said in the release.
Bulls see a buying opportunity during all this turbulence!
Shares of Coinbase Global Inc. have declined 30% this year.
After the closing bell on Wednesday, September 29, Cintas Corporation (#ctas) topped earnings estimates with its fiscal first-quarter 2022 earnings release. On the top line, revenues of $1.90 billion exceeded expectations of $1.88 billion. On the bottom line, adjusted earnings per share of $3.11 exceeded expectations of $2.76 per share.
Todd M. Schneider, Cintas’ President and Chief Executive Officer, stated, “We are pleased with our start to fiscal 2022. I am proud of the execution of our employee-partners. They continue to navigate an unsettled environment by focusing on providing businesses with the products and services needed to help our customers get Ready for the Workday®. I look forward to another successful fiscal year.”
Breaking down the headline number segment results, on a year over year basis, Uniform and Facility Services revenue was up to $1,508.2 million. First Aid and Safety Services revenue fell to $199.1 million. All Other business revenues climbed to $189.7 million.
Mr. Schneider concluded, “We are increasing our fiscal 2022 financial guidance. We are raising our annual revenue expectations from a range of $7.53 billion to $7.63 billion to a range of $7.58 billion to $7.67 billion and diluted EPS from a range of $10.35 to $10.75 to a range of $10.60 to $10.90
Shares of Cintas Corporation have risen 11% this year.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.