Goldman mentioned tight cost control, the SEC’s tokenized stock exemption, and a favorable entry point.
- Barclays raised its price target for Coinbase to $149 from $95 but kept an ‘Underweight’ rating.
- Barclays said volumes recovered in Q3 after a weak June, and it raised its Q3 estimates.
- Goldman raised its price target to $244 from $219 and kept a ‘Buy’ rating, implying a potential upside of 31% from Tuesday’s close.
Shares of Coinbase Global (COIN) fell in morning trade on Wednesday after two Wall Street firms raised their price targets on the crypto exchange.
According to TheFly, Barclays analyst Benjamin Budish increased the firm’s target to $149 from $95 but maintained an ‘Underweight’ rating on the stock. Goldman Sachs raised its price target to $244 from $219 and maintained its ‘Buy’ rating. The two targets are $95 apart.
COIN stock fell as much as 3.7% in morning trading, amid broader market weakness and Bitcoin (BTC) under threat of slipping below $83,000. On Stocktwits, retail sentiment around COIN remained in the ‘bearish’ zone, accompanied by ‘normal’ chatter levels over the past day.
Why Barclays Kept ‘Underweight’ Rating For COIN
Budish said trading activity at Coinbase picked up in the third quarter and that volumes had sunk “off of multi-year lows in June”. Barclays said it raised its third-quarter (Q3) estimates for Coinbase, though for fiscal 2026 and the out-years, it remains well below Street expectations.
Barclays’ price target is around 20% lower than Coinbase’s Tuesday’s close of $185.
Barclays said Coinbase’s profitability was “under pressure” in April, downgrading Coinbase from ‘Neutral’ to ‘Underweight’ and lowering its price target to $140 from $148 per share back then. “Despite a pro-crypto President and a favorable regulatory environment, global crypto trading activity has declined to a level not seen since the end of 2023,” Budish wrote in a note in April.
Goldman Sachs Sees COIN Stock Price As ‘Good Entry Point’
However, Goldman Sachs has a different outlook. The firm said Coinbase has room to surprise on the upside. It pointed to the company’s tight control over costs.
Goldman Sachs also mentioned the SEC’s recently proposed digital asset innovation exemption, which could benefit the company if it goes forward. It stated that the stock’s current price is “an attractive valuation entry point” for investors.
Goldman’s price target is about 31% higher than Coinbase’s Tuesday’s close of $185.
COIN stock is down over 17% so far this year, and lost over 51% in the last 12 months.
Read also: HOOD Stock Falls Despite Barclays’ Price Target Hike And Robinhood’s $25M BTC Purchase
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