Coinbase Stock Hits Yearly High After Bernstein Raises Price Target to $510
Coinbase (COIN) shares hit a yearly high after Bernstein analysts increased their price target from $310 to $510, citing stronger earnings projections. They recognized Coinbase's leading position in the crypto market.
Key points include:
- COIN closed at $355.37 on June 25, a 3.06% gain.
- Pre-market trading shows COIN valued at $358.40, up by 0.85%.
- The stock is near its all-time high of $357.39 from November 2021.
- Coinbase is the only digital asset firm listed in the S&P 500 and serves as custodian for most U.S. spot bitcoin ETFs.
- Benchmark analyst raised COIN's price target from $301 to $421 while maintaining a Buy rating.
Expansion Efforts
Coinbase has diversified its services beyond trading, operating Base—a layer-2 blockchain, an institutional custody business, and a Prime lending desk. CEO Brian Armstrong noted that Coinbase supports crypto services for around 200 financial institutions.
Additionally, Circle Internet Group (CRCL), issuer of the USDC stablecoin, has seen its stock surge over six times since its IPO, indirectly benefiting Coinbase due to its equity stake in Circle.