Goldman Sachs Upgrades Coinbase from 'Neutral' to 'Buy', Raises Price Target to $303

On January 5, Goldman Sachs—the Wall Street investment bank—said it holds a “selective bullish” view on brokerages and crypto firms for 2026, citing a resilient retail trading environment and ongoing regulatory developments as supports for industry growth. “We expect traditional retail brokerages and crypto trading to keep integrating in 2026—this will heighten competition and potentially hit market share and product pricing,” the analyst team led by James Yaro wrote in a report released Monday. Goldman upgraded cryptocurrency exchange Coinbase from “Neutral” to “Buy” and lifted its price target to $303 from $294—implying over 30% upside. Coinbase shares rose 4.3% in early Monday trading, boosted by a Sunday night crypto price surge. Yaro’s team kept “Buy” ratings on Robinhood, Interactive Brokers, and Figure Technology. Yaro noted Coinbase’s scale and brand edge are key drivers for outpacing peer revenue growth and grabbing market share. He forecasts Coinbase’s annual revenue CAGR will hit 12% by 2027—above the 8% industry average—thanks to its industry-leading customer acquisition cost. Yaro’s team also highlighted Coinbase’s recent new products in brokerage, banking, wealth management, and tokenization—saying these moves boost the firm’s competitiveness and add scalability in high-growth areas. Goldman is also bullish on Coinbase’s growing subscription and services business, which now makes up ~40% of total revenue. As crypto use cases expand beyond trading, this segment is seen growing steadily, cutting profit volatility.