Coinbase Set for Growth: Bernstein Analysts Issue ‘Outperform’ Rating with $310 Target Amid US Crypto Market Resurgence

COINOTAG News reports on March 18th that analysts from Bernstein have initiated coverage on Coinbase, assigning it an “Outperform” rating with a target price set at $310, indicating a potential upside of 69% from its current valuation. In their client report, Bernstein addressed ongoing skepticism regarding Coinbase’s ability to navigate a competitive landscape marked by fee pressures. However, they underscored a significant factor: the expansion of the total addressable market driven by a resurgence of interest in the U.S. crypto sector, referred to as the “US renaissance”. While the firm anticipates a slight contraction in Coinbase’s domestic market share to 60% over the next two years, they project that this will lead to a reduction in its retail price premium by 20% to sustain its competitive edge. By 2026, Bernstein predicts a compound annual growth rate of 34% in trading revenues. Additionally, other services offered by Coinbase, including staking rewards and custody services, are expected to experience a robust 31% annual growth rate in non-transactional revenues, contributing to an impressive 33% growth rate overall.