TLDR
- Morgan Stanley raised its Coinbase price target from $250 to $258, keeping an Equal Weight rating.
- Citizens JMP cut its target from $325 to $280 but kept a Market Outperform rating.
- Coinbase’s last quarter missed estimates, with revenue down 18.5% year over year to $1.22 billion.
- The company is expanding into stablecoins, derivatives and stock trading to diversify revenue.
- A Michigan court denied Coinbase’s bid to block state enforcement against its sports prediction contracts.
Coinbase stock is trading at $179.39, up 4.30% on the day, as Wall Street firms adjust their price targets ahead of the company’s next earnings report.
Morgan Stanley raised its target from $250 to $258 this week. The bank kept its Equal Weight rating, a sign it isn’t fully convinced despite the higher number.
Citizens JMP went the other way. The firm cut its target from $325 to $280, citing the work still needed as Coinbase pushes beyond crypto trading. It kept a Market Outperform rating.
The split calls come after a rough stretch for Coinbase’s numbers. Last quarter, revenue came in at $1.22 billion, below the $1.29 billion analysts expected.
That was an 18.5% drop from the same period a year earlier. Adjusted losses also came in wider than forecast, at $1.36 per share against an expected $0.44 loss.
Wall Street Is Split on Coinbase
Opinions across the Street vary widely right now. Baird lifted its target from $130 to $205 but stayed Neutral. Barclays raised its number from $95 to $149 while keeping an Underweight rating.
Wells Fargo started coverage with Equal Weight and a $200 target. Goldman Sachs reiterated a Buy with a $244 target, and Cantor Fitzgerald holds Overweight at $212.
Across all tracked analysts, Coinbase carries an average Hold rating with a price target of $224.29.
Diversifying Beyond Trading
More than 40% of Coinbase’s revenue now comes from outside spot crypto trading. The company has leaned into stablecoins, subscriptions and new derivatives products to soften its reliance on trading fees.
Subscription and services revenue hit $555 million last quarter, with $292 million of that from stablecoins. Average USDC balances on Coinbase products reached $20 billion.
Coinbase also posted a record 10.3% share of crypto trading volume, up from 9.1% the prior quarter. That marked its third straight quarter of gaining market share, even with trading conditions soft.
The company reported adjusted EBITDA of $207.8 million, its 14th straight quarter in positive territory. CFO Alesia Haas said expenses came in below the midpoint of guidance across every major category.
Coinbase has also pushed into new US products. In September, it filed paperwork with regulators to bring single-stock futures contracts to American customers, a move that would need sign-off from both the SEC and CFTC.
Not every expansion effort has gone smoothly. A federal judge in Michigan denied Coinbase’s request to block the state from enforcing its sports betting law against the company’s prediction market contracts.
The judge ruled Coinbase had not shown it was likely to win its argument that federal rules override the state law. That leaves the underlying lawsuit still open, with no final ruling yet on the broader dispute.
Chart Analysis
COIN has broken out of a multi-month consolidation range between roughly $163 support and $203 resistance, with price now testing the $200 zone again after pulling back from recent highs near $208. The rising trendline from the August low (around $145) is holding, and today’s 4.30% jump off the $160s support shelf suggests buyers are defending that higher low and the broader uptrend structure.
RSI sits near 48, a neutral reading that leaves room to run in either direction without being overbought or oversold. MACD shows the signal line curling back toward the zero line after a recent bearish cross, meaning momentum has cooled but hasn’t turned decisively negative. What to watch: a close back above $203 reopens the path toward $220, while a break below the $163 trendline support could send shares back toward $145.
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