The stock of cryptocurrency exchange Coinbase Global (COIN) could rise 90% above current levels, according to Wall Street brokerage Bernstein.
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Analysts at Bernstein have placed a Buy-equivalent outperform rating on COIN stock, along with a Street-high $510 price target, which is 90% above where the shares currently trade. The bullish call comes as COIN stock falls alongside cryptocurrencies such as Bitcoin (BTC).
The stock of Coinbase has fallen nearly 20% in the past month as the prices of both Bitcoin and Ethereum (ETH) have fallen more than 30%. However, Bernstein remains undeterred in its outlook and expects a big rally in COIN stock moving forward.
Coinbase’s Underlying Business
Gautam Chhugani, a top five-star rated analyst at Bernstein, argues that, despite near-term volatility, the underlying business of Coinbase remains strong. Bernstein also likes that Coinbase Global is working to diversify its business.
Chhugani notes that Coinbase is reducing its dependence on spot trading by building more of an “everything exchange,” something more akin to a full financial platform than a crypto venture. The analyst stresses that stablecoins have become a significant contributor to Coinbase’s revenue, and clearer U.S. regulations pertaining to crypto should prove to be a catalyst for COIN stock moving forward.
Is COIN Stock a Buy?
The stock of Coinbase Global has a consensus Moderate Buy rating among 24 Wall Street analysts. That rating is based on 15 Buy, eight Hold, and one Sell recommendations issued in the last three months. The average COIN price target of $396.30 implies 47.01% upside from current levels.
