The crypto industry is expected to join the financial mainstream in the U.S. as the regulatory environment improves, and Coinbase (COIN) is well positioned to benefit from these tailwinds
The crypto industry is expected to join the financial mainstream in the U.S. as the regulatory environment improves, and Coinbase (NASDAQ:) is well positioned to benefit from these tailwinds, broker Bernstein said in a report Monday.
Bernstein initiated coverage of the crypto exchange with an outperform rating and a $310 price target. About 41% of Wall Street analysts have a buy rating on the stock, 7% sell and the rest hold, according to FactSet data. The shares dropped 2% to $185.20 in early trading.
Bernstein said it expects Coinbase to grow non-trading revenues by around a 31% compound annual growth rate (CAGR) between 2024-2026.
This provides a "strong balance to cyclicality of trading revenues," the report added.
Coinbase recently secured FIU registration, paving the way for a return to the Indian market, the company said in a blog post earlier this month.
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