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Coinbase Stock Falls 40% Amid Market Volatility; Bernstein Sets $510 Target

Coinbase's stock has dropped nearly 40% from its July peak of $444 to around $271 per share, due to market volatility.

Bernstein's Bullish Outlook

  • Bernstein analysts predict a potential bullish phase for Coinbase, with a price target of $510.
  • The shift from trading-centric to an "everything exchange" is highlighted as a key factor.
  • Regulatory clarity in the US could revalue Coinbase compared to offshore competitors.
  • Recent token issuance models, like Monad (MON), show growing interest and increased trading activity.

Future Catalysts

  • A product showcase on December 17 may reveal new developments in tokenized equities and prediction markets.
  • Integration with Deribit expected to enhance derivatives offerings.
  • The Base app focuses on wallet services, payments, and social features, expanding access to token markets.
  • Analyst ratings: Bernstein “Buy” rating with a $510 target; Monness Crespi upgraded to “Buy” with a $375 target.

Coinbase