BofA Upgrades Coinbase After 40% Slide as Street Splits on Outlook

Investors weigh Coinbase’s product expansion against crypto-driven volume risks before late‑February results.

Overview

BofA raised Coinbase to Buy with a $340 price target, calling the stock’s pullback a crypto-led correction and citing faster product rollouts and a larger addressable market.
Barclays kept an Equal Weight rating and cut its target to $258, flagging softer trading volumes, slower USDC growth, and continued crypto volatility in its Q4 model.
Coinbase is extending beyond crypto trading with stock and ETF trading and entry into prediction markets as it pursues an “everything exchange” strategy.
Q3 results showed revenue of $1.9 billion and adjusted EBITDA of $801 million, with subscription and services contributing about 40% of total revenue.
Stablecoins generated $355 million in Q3 revenue and USDC balances on the platform totaled roughly $15 billion, while custody for U.S. spot crypto ETFs provides recurring fees ahead of a late‑February earnings test that many analysts still view positively.