Raymond James reiterates Market Perform on Coinbase

Raymond James reaffirmed its Market Perform rating on Coinbase, citing a challenging crypto market, declining share price, rising competition, and legislative risks. The stock may be overvalued at current prices.

Raymond James has reaffirmed its Market Perform rating on Coinbase Global Inc. (NASDAQ:COIN) ahead of the first-quarter 2026 earnings update. The firm pointed to ongoing challenges in the cryptocurrency market, with Bitcoin and other major coins trading well below their previous highs and overall trading volumes remaining subdued. Coinbase shares have mirrored this volatility, currently trading at $172.50—about 61% below their 52-week high of $444.64. Over the past six months, the stock has dropped 53% and is down 23% year-to-date. Raymond James also anticipates increased competition from traditional online brokers, which could pressure Coinbase’s pricing power in the coming quarters. Additionally, potential legislation affecting Coinbase’s ability to pay interest on client stablecoin holdings introduces further uncertainty. These headwinds align with InvestingPro analysis, which notes that 11 analysts have revised earnings forecasts downward. The platform’s Fair Value assessment suggests the stock may be overvalued at current levels.