Bernstein sees 71% upside for Coinbase stock

U.S. investment bank Bernstein said Coinbase's strategy to become a comprehensive exchange beyond just spot trading is beginning to pay off, The Block reported. As a result, Bernstein has maintained its price target for Coinbase at $330, representing roughly 71% upside potential from its current price. The bank added that despite disappointing first-quarter results, Coinbase's derivatives, prediction markets, and payments businesses are showing significant growth. Bernstein highlighted that the prediction market business has surpassed an annualized revenue of $100 million, while the retail and institutional derivatives businesses are each growing to an annual revenue scale of over $200 million.