Goldman Sachs upgrades Coinbase and cuts eToro outlook

Goldman Sachs upgraded Coinbase to “Buy” from “Neutral” and raised its price target to $303 from $294, sending COIN shares up 8%.

Analysts said recent product launches have made Coinbase more competitive across brokerage, banking, wealth and tokenisation services.

COIN’s recent new products across traditional brokerage, digital consumer and business banking, digital wealth, and tokenization make it substantially more competitive.

James Yaro said.

Goldman Sachs lowered its price target for eToro to $39 from $48 and downgraded the stock to “Neutral” from “Buy.”

Coinbase’s expansion into prediction markets was cited as part of a broader push into growth areas, despite some overlap with rival offerings.

The bank forecast a 12% compound annual revenue growth rate for Coinbase through 2027, compared with 8% for peers.

Analysts said increasing exposure to infrastructure and services could reduce earnings volatility over time.

Coinbase was reported to have around 9.5 million monthly transacting users and 5% of global spot crypto trading volume in 2025.

About 40% of Coinbase revenue now comes from subscriptions and services rather than transaction fees, according to the analysts.

Goldman Sachs said eToro’s renewed expansion in the United States could face pressure due to intense competition, despite long-term strength in Europe.

At the time of reporting, Bitcoin price was $93,908.20.