Coinbase Global Inc. (NASDAQ: COIN) shares declined 3.76% on Monday, closing below $180 and erasing a portion of the previous week's 30% gains that followed Bitcoin's rebound to $80,000. The pullback occurred amid a broader risk-off move across the equity market ahead of key economic events, including the upcoming PCE Price Index release, Nvidia's Q2 earnings report, and Federal Reserve commentary at Jackson Hole.
Despite the recent dip and a missed revenue target in the company's Q2 earnings report, Bernstein analysts—led by Gautam Chhugani—maintained a $330 price target for COIN, which represents an 85% upside potential from the $180 level. Bernstein argued that Wall Street has underestimated the exchange, noting that stablecoins, derivatives, prediction markets, and subscription revenue are projected to make up an increasingly large share of the firm's business.
Across Wall Street, 18 analysts have issued a buy rating for Coinbase stock, with a consensus price target of $215. Meanwhile, the Coinbase-backed advocacy group Stand With Crypto (SWC) recently endorsed 32 additional pro-crypto candidates from both the Republican and Democratic parties ahead of the November midterm elections. Crypto-aligned political action committees have collectively committed $324 million for the elections as the industry pushes for the passage of the CLARITY Act.
