TechFlow news, March 18 — According to The Block, Bernstein, a research and brokerage firm, has initiated coverage on Coinbase with an "Outperform" rating and set a $310 price target, implying 69% upside from current levels. In a client report released Tuesday, analysts said that while critics express concerns over intensifying competition and fee pressures facing Coinbase, they overlook the expansion of its total addressable market driven by the global crypto industry's reversion to the U.S., a trend the analysts describe as the "Great U.S. Reversion."
Bernstein expects that despite Coinbase’s U.S. market share likely declining slightly to 60% over two years—and the company cutting its retail pricing premium by 20% to maintain dominance—its trading revenue will achieve a 34% compound annual growth rate (CAGR) through end-2026. Analysts also highlighted Coinbase’s other services such as crypto staking yield, custody solutions, and the Ethereum Layer 2 network Base, projecting a 31% CAGR for non-trading revenues during the same period, resulting in an overall CAGR of 33%.
