Coinbase Shares Trade 60% Below Peak at 12x 2027 Earnings
Bernstein says Coinbase shares, down about 60% from all-time highs, trade at just 12 times 2027 earnings as analysts cut price targets ahead of expected weak Q1 results but maintain an Outperform rating. The firm forecasts 23% EPS growth in 2026 led by stablecoins, derivatives and prediction markets.
1. Valuation Discount and Rating
Analysts at Bernstein note Coinbase shares have fallen roughly 60% from all-time highs and now trade at 12 times estimated 2027 earnings after price targets were lowered, yet the firm maintains an Outperform rating on the stock.
2. Weak Q1 Outlook and Bottom Projection
Bernstein expects a trough in crypto equities into weak first-quarter results, citing geopolitical uncertainty and soft sentiment as factors providing deep discounts before a market bottom.
3. Forecasted EPS Growth Drivers
The firm forecasts 23% earnings per share growth for Coinbase in 2026, driven by expanding stablecoin transactions, derivatives trading and new prediction-market offerings.