Coinbase price target raised to $200 from $80 at Bernstein

Bernstein raised the firm’s price target on Coinbase to $200 from $80 and keeps a Market Perform rating on the shares. Coinbase’s stock and financial performance has a very high beta to bitcoin price in the near term, the analyst tells investors in a research note. The firm says that if the bull market on crypto continues, “it is simply hard to not be bullish on Coinbase in the very near-term given the high beta to crypto asset prices especially bitcoin.” However, Bernstein struggles to be constructive on the stock. It believes Coinbase is a “net loser” in the medium term of the bitcoin exchange traded fund approval.