According to ChainCatcher, Goldman Sachs has upgraded its rating on cryptocurrency exchange Coinbase from "neutral" to "buy" and raised its 12-month price target from $294 to $303.
Analyst James Yaro points out that Coinbase is shifting from cyclical growth to structural growth, with its subscription and services revenue share increasing from 5% in 2020 to 40% in 2025, and the business is expected to maintain an annual growth rate of 13% from 2025 to 2027.
The bank believes that Coinbase's expansion in custody, stablecoins, staking, and prime brokerage businesses will reduce earnings volatility.
