The Kobeissi Letter’s Oct. 29 post put Coinbase, Circle Internet Group and Robinhood Markets 40% to 56% below their respective peaks, while Google Finance showed Buy ratings leading for each in its three-month tally.
The post listed Coinbase’s decline from its peak at 56%, Circle’s at 44% and Robinhood’s at 40%, without giving peak dates or a calculation method.
Google Finance’s rolling three-month view listed 18 Buy, nine Hold and two Sell ratings for Coinbase from 29 analysts. Circle had 12 Buy, six Hold and three Sell ratings among 21 analysts. Robinhood had 20 Buy and three Hold ratings among 23 analysts, with no Sell ratings. Buy was the largest category for each company, but Coinbase and Circle also had Sell ratings.
The U.S. Bureau of Economic Analysis (BEA) reported Thursday that the Personal Consumption Expenditures price index rose 0.5% in September from August and 3.6% from a year earlier. Excluding food and energy, the index increased 0.3% month over month and 3.1% year over year.
A day earlier, the Federal Open Market Committee (FOMC) voted 10-2 to keep its federal funds target range at 3.75% to 4%. Lisa D. Cook and Beth M. Hammack dissented in favor of a quarter-point increase. The committee said inflation remained elevated.
In separate Oct. 15 commentary, The Kobeissi Letter cited crude above $100 a barrel, financing costs it compared with 2002 levels and inflation it said was approaching twice the Fed’s 2% target as pressures on equity valuations. The letter framed lower valuations as an opportunity for buyers and argued that easing energy and borrowing costs could help equities recover. It did not establish those factors as the cause of the three stocks’ declines.
The BEA’s next Personal Income and Outlays release is scheduled for Nov. 25 at 8:30 a.m. ET. The FOMC’s next meeting is set for Dec. 8-9.
