Goldman Sachs Upgrades Coinbase, Sees Strong Growth Ahead

Goldman Sachs upgraded Coinbase to 'Buy' with a $303 target, citing strong growth and diversification, while downgrading eToro to 'Neutral' due to rising competition. Coinbase's revenue is projected to outpace peers through 2027.

Goldman Sachs has upgraded Coinbase to a 'Buy' rating and raised its price target to $303, citing the company's transition from cyclical trading reliance to structural growth. The bank highlighted Coinbase's expanding product offerings, including brokerage, banking, wealth management, and tokenization, as well as its growing subscription and services segment, which now accounts for about 40% of revenue. Analysts project Coinbase's revenue to grow at an average annual rate of 12% through 2027, outpacing competitors. The upgrade follows Coinbase's recent launch of U.S. stock trading and its ambition to become an 'everything exchange' spanning crypto, equities, and commodities. Conversely, Goldman Sachs downgraded eToro to 'Neutral' and lowered its price target to $39, citing increased competition and rising customer acquisition costs. The bank remains selectively constructive on the sector, noting resilient retail trading and regulatory progress as supportive factors for growth in 2026.