Goldman Sachs Upgrades Coinbase, Downgrades eToro—Here's Why
Goldman Sachs upgraded Coinbase from “Neutral” to “Buy,” citing new products that boost its competitiveness against firms offering both traditional and crypto services. Analysts highlighted recent Coinbase offerings in brokerage, banking, digital wealth, and tokenization as significant advances. The price target for Coinbase was raised to $303, while shares rose 8% to $255 amid a Bitcoin rally. Analysts forecast Coinbase’s compound annual revenue growth rate to reach 12% through 2027, outpacing peers’ 8%, due to scale, strong brand, and more stable infrastructure-related earnings. Monthly transacting users total about 9.5 million, and Coinbase handled 5% of global spot crypto trading volume in 2025. The company’s revenue has become less reliant on transaction fees, with about 40% now from subscriptions and services including custody, staking, and stablecoin income. Goldman Sachs sees Coinbase well positioned for structural growth. Analysts remain positive on Robinhood, Interactive Brokers, and Figure Technologies, but downgraded eToro due to U.S. competition, while still viewing its European presence as a growth advantage.
