compass point analyst chris allen upgraded coinbase global inc coin from neutral to buy and raised the price target to 100 from 75 the analyst updated 4q22 sales and adjusted ebitda estimates slightly versus the management allen revised 4q22 salesebitda estimates slightly higher from 556m185m to 563m167m bringing the fullyear 2022 adjusted ebitda estimate to 414m in line with coins guidance that it would not exceed a 500m ebitda loss for the year the analyst expects 1q23 salesebitda of 633m 76m which reflects coins january guidance for a 25 reduction in opex compared to 4q22 resulting from coin laying off 950 employees allen established cy24 salesebitda estimates of 45b745m reflecting a solid return to growth and profitability as it emerges from the weak macro environment and starts a new crypto cycle allen believes coin is well positioned to gain market share especially among us retail investors when the crypto bull market returns which will likely start in late 2h23 and continue through 2024 due to coins costcutting efforts allen expects coin to return to ebitda profitability during 2h23 while coin currently faces regulatory uncertainty related to several aspects of its business including stakingasaservice institutional custody and a broader regulatory crackdown on the industry he believes most of the issues are unlikely to have a materially adverse impact on operations the analyst saw continued regulatory headline risk as a near certainty which he thought likely led to volatility in the shares in the near and intermediate term over the longer term given the potential revenue opportunities around its trading and staking businesses as crypto adoption grows its recent cost containment efforts and its sterling reputation coin will make it through the crypto winter but thrive on the other side price action coin shares traded lower by 521 at 6217 on the last check friday