In a recent report, Bernstein analysts raised Coinbase’s target stock price to $510, noting the company’s undervalued status amidst overall market negativity.
Updated Bernstein Target for Coinbase
Analyst Gautam Chhugani, who has been following the crypto market for a decade, increased the target price for Coinbase from $310 to $510. With the stock currently at $344, this new estimate indicates a potential 48% upside.
Reassessing Coinbase's Market Position
Chhugani described Coinbase as 'the most misunderstood company in our Crypto coverage universe,' pointing out that the market continues to misread its standing. Coinbase is the only crypto company in the S&P 500 and dominates U.S. crypto trading.
New Growth Opportunities for the Company
The analyst also highlighted Coinbase's recent acquisition of the largest crypto options exchange and its plans to launch perpetual futures. He argued that these innovations, alongside potential legislative changes, could significantly drive trading volumes.
Bernstein emphasizes Coinbase's substantial potential despite existing negative market sentiment. Potential legislative changes and innovative offerings could act as catalysts for the company’s future growth.
