- Goldman Sachs said it upgraded its investment rating on Coinbase to 'Buy' and raised the target price to 303 dollars.
- Coinbase is expected to achieve an average annual 12% revenue growth through 2027 based on scale and brand competitiveness.
- Goldman Sachs added that a selective approach is needed for companies that have succeeded in business diversification.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Wall Street investment bank Goldman Sachs has upgraded its investment rating on Coinbase.
On the 5th, according to crypto-focused media CoinDesk, Goldman Sachs said in a research report that it upgraded Coinbase's investment rating from 'Neutral' to 'Buy' and raised its target price from 294 dollars to 303 dollars. This means there is more than 30% upside potential compared with the stock price at that time.
Goldman Sachs analyzed that "the retail trading environment is holding up more robustly than expected, and the regulatory environment is gradually being organized," adding that "the convergence of traditional retail brokerage and crypto trading flows is likely to continue into 2026." It said these changes would both intensify competition and support market expansion.
Analyst James Yaro, who wrote the report, cited Coinbase's scale and brand competitiveness as strengths. He explained, "Coinbase's revenue is expected to grow at an average annual rate of 12% through 2027, exceeding the peer average of 8%." He expects low customer acquisition costs and business expansion to support market share gains.
Goldman Sachs also positively evaluated Coinbase's recent launch of new products across brokerage and banking, wealth management, and tokenization. In particular, subscription and services revenue accounts for about 40% of the total, which is expected to lower reliance on trading fees and mitigate earnings volatility.
On the other hand, it downgraded eToro from 'Buy' to 'Neutral' and cut the target price from 48 dollars to 39 dollars. Goldman Sachs noted, "Growth is being maintained, but competition is intensifying in core markets," adding, "rising customer acquisition costs and pricing pressure could weigh on plans to expand U.S. operations." eToro's stock fell slightly in pre-market trading.
Meanwhile, Goldman Sachs maintained its 'Buy' ratings on Robinhood, Interactive Brokers, and Figure Technologies. The report added, "The environment heading into 2026 is not the same for all names," and "a selective approach focused on companies that have achieved scale and business diversification is necessary."
