TheBlock
Despite Coinbase missing first-quarter revenue estimates by 5% — posting $1.41 billion against expectations, with adjusted EBITDA falling 26% short — Bernstein analysts led by Gautam Chhugani maintained an outperform rating and $330 price target on COIN, implying 71% upside from Thursday's close of $192.96. The firm argued that weaker crypto market conditions, not structural problems, drove the shortfall, with total crypto market cap and industry volumes both down more than 20% quarter-over-quarter.
The bull case rests on diversification gaining real traction. Retail derivatives are now annualizing above $200 million in revenue, institutional derivatives tied to the Deribit acquisition are annualizing above $250 million, and prediction markets crossed a $100 million annualized run rate in March — described as one of the fastest-growing products in Coinbase's history. Spot trading…
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