Asset management giant Bernstein reportedly thinks shares of top US crypto exchange Coinbase (COIN) are on the verge of a breakout.
Gautam Chhugani, Bernstein’s managing director of global digital assets, says Coinbase stock may soar by more than 72% of its current value due to pro-crypto regulatory changes expected from US President Donald Trump and his administration, according to a CNBC report.
Bernstein is tagging Coinbase with an “outperform” rating and setting a price target of $310, up from its $180 per share at time of writing.
Says Chhugani,
“With the Trump Administration’s aspiration to make America the ‘crypto capital of the world,’ Coinbase remains the dominant platform (66% US market share) to ride the tailwinds.”
Chhungani says regulatory clarity bills before US Congress, such as around stablecoins, could increase Coinbase’s competition. However, he believes a growing crypto industry in the US will result in a net gain for Coinbase.
“Regulatory clarity brings more competition for COIN from fintechs, brokers, banks, etc. However, we expect a strong bull market and rising US onshore dominance to more than offset any competitive market share and pricing pressures.”
Lastly, he predicts that Coinbase will increase its non-trading revenues by a compound annual growth rate of around 31%.
“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.”
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