Bernstein sets a target price of $310 for Coinbase stock
ChainCatcher news, according to The Block, analysts at research and brokerage firm Bernstein have begun coverage of Coinbase with an "outperform" rating and set a target price of $310, representing a 69% upside from the current price.In a client report released on Tuesday, analysts stated that while critics are concerned about Coinbase facing increasing competition and fee pressure, they overlook the total addressable market expansion brought about by the global crypto market returning to the U.S., which the analysts described as the "Great American Return."Bernstein expects that although Coinbase's market share in the U.S. is projected to slightly decline to 60% over the next two years and that it will reduce its retail price premium by 20% to maintain its dominance, its trading revenue's compound annual growth rate (CAGR) will reach 34% by the end of 2026. The analysts also pointed out other services offered by Coinbase, such as cryptocurrency staking yields, custody services, and the Ethereum Layer 2 network Base, expecting a CAGR of 31% for non-trading revenue during the same period, resulting in an overall CAGR of 33%.
