Coinbase price target raised to $510 from $310 at Bernstein

Investing.com - Bernstein raised its price target on Coinbase Global Inc. (NASDAQ:COIN) stock to $510 from $310 on Wednesday, maintaining an Outperform rating. The stock, currently trading at $344.82, has surged nearly 56% over the past year and is approaching its 52-week high of $349.75.

The research firm described Coinbase as "the most misunderstood company" in its crypto coverage universe, noting it is the only crypto company in the S&P 500 and dominates the U.S. crypto trading market.

Bernstein highlighted multiple growth drivers for Coinbase, including its stablecoin business that represents approximately 15% of total revenues and is integrating with platforms like Shopify (NASDAQ:SHOP), as well as its institutional crypto services that provide custody for 8 out of 11 Bitcoin ETF asset managers. According to InvestingPro, which offers 15+ additional exclusive insights about COIN, the company’s strong performance is reflected in its gross profit margin of 85.25%.

The firm also pointed to Coinbase’s acquisition of Deribit, the largest global crypto options exchange, and its operation of Base, described as "the largest and fastest chain on Ethereum forming the tokenization network" on which JPMorgan launched its JPMD coin.

Bernstein’s analysts expect Coinbase to benefit from the GENIUS Act and the upcoming CLARITY Act, and noted they are forecasting 2.2 times consensus on 2025 estimated EPS and 2.3 times consensus on 2026 estimated EPS.

In other recent news, Coinbase Global Inc. has been the subject of several significant developments. Benchmark has maintained its buy rating on Coinbase, raising its price target to $421.00, citing a "transformational year" for the company. This decision reflects the firm’s confidence in Coinbase’s long-term growth prospects, supported by favorable legislative and regulatory actions. Additionally, Rosenblatt Securities reiterated its buy rating with a $300 price target, expressing optimism about the cryptocurrency industry’s growth potential and Coinbase’s strategic position within it. Cantor Fitzgerald also reaffirmed its Overweight rating and $292.00 price target, highlighting Coinbase’s product expansion and its role as a "mission-critical infrastructure layer of crypto." In a notable move, Coinbase launched Coinbase Payments, a stablecoin payment system for ecommerce, partnering with Shopify to enable merchants to accept USDC payments globally. This new payment stack offers faster settlement times and lower fees, aiming to streamline global transactions without requiring merchants to have blockchain expertise. These recent developments underscore Coinbase’s strategic initiatives and its ongoing efforts to capitalize on the evolving cryptocurrency landscape.

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