Coinbase a Buy At Bernstein

Bernstein starts Coinbase with 'outperform' on positive regulatory outlook.

Bernstein initiates coverage on cryptocurrency exchange Coinbase Global with an "outperform" rating.

Analysts at the brokerage initiated a price target of $310, a 64.1% upside to the stock's last close.

COIN is down approximately 24% this year amidst a selloff in cryptocurrencies.

The share price rose nearly 43% in 2024, spurred by expectations a Donald Trump presidency would propel the sector into a new phase of growth.

Above: COIN shares have erased the post-election rally.

Coinbase Global, Inc. reported its fourth-quarter and full-year 2024 financial results on February 13, 2025.

The company reported an Earnings Per Share (EPS) of $4.68, significantly surpassing analysts' expectations of $1.81 per share.

Bernstein says COIN remains the dominant platform (66% U.S. market share) to ride the regulatory tailwinds to drive the crypto industry to American financial mainstream

Total revenue for the quarter reached $2.3 billion, a substantial increase from $953.8 million in the same period the previous year.

Coinbase told investors that a strong bull market and rising U.S onshore dominance can more than offset any competitive market share and pricing pressures.

"Coinbase's CEO, Brian Armstrong, described this period as a golden age for crypto," highlighting the unprecedented opportunity to update the financial system and increase economic freedom worldwide," says Anthony Clarke, an analyst at 99bitcoins.com.

"COIN has done well to build a suite of crypto financial services beyond trading, particularly market-leading share in USD stablecoins, crypto yield services such as staking," says Bernstein.

Twelve of 27 brokerages who cover COIN rate the stock a "buy" or higher, 15 "hold".

The median price target is $334.5, according to data compiled by LSEG.