Overview
- Goldman Sachs raised Coinbase to Buy with a $303 price target and cut eToro to Neutral with a $39 target in a Jan. 5 note led by analyst James Yaro.
- Coinbase shares jumped about 8% Monday to roughly $255 after the call, while eToro slipped about 1.2% in premarket trading to $35.27.
- Goldman cited Coinbase’s recent launches in traditional brokerage, banking, digital wealth, tokenization and prediction markets, and noted subscriptions and services now make up about 40% of revenue.
- The bank forecasts Coinbase’s revenue to grow at a 12% CAGR through 2027 versus 8% for peers, attributing the outlook to scale, brand strength and lower customer acquisition costs.
- For eToro, Goldman flagged intensifying copycat competition, higher acquisition costs and thinner profitability, projecting roughly 7% top-line growth and noting margins lag sector levels; it kept Buy ratings on Robinhood, Interactive Brokers and Figure and described its 2026 sector view as selectively constructive with regulatory outcomes a key risk.