Goldman Sachs upgraded Coinbase to "Buy" and downgraded eToro to "Neutral".

Goldman Sachs Upgrades Coinbase to "Buy," Downgrades eToro to "Neutral" According to Mars Finance, Goldman Sachs maintains a selectively optimistic outlook for brokerages and crypto companies in 2026, believing a strong retail trading environment and ongoing regulatory progress will support industry growth. Goldman Sachs upgraded cryptocurrency exchange Coinbase from "Neutral" to "Buy," raising its price target from $294 to $303, implying over 30% upside potential. It downgraded eToro from "Buy" to "Neutral," lowering its price target from $48 to $39. Goldman Sachs also maintains a "Buy" rating on Robinhood, Interactive Brokers, and Figure Technology. The analyst team points out that Coinbase's scale and brand strength are key drivers of its revenue growth exceeding peers and increasing market share. They project a 12% CAGR for Coinbase's revenue by 2027, compared to only 8% for its peers, thanks to its leading customer acquisition cost advantage. The team also emphasized that Coinbase's recent product launches in brokerage, banking, wealth management, and tokenization have enhanced its competitiveness, helping it scale in structurally growing areas such as prediction markets. Meanwhile, Goldman Sachs is optimistic about Coinbase's expanding subscription and services business, which currently accounts for approximately 40% of revenue. They expect this business to grow steadily and reduce earnings volatility as cryptocurrency applications expand. In downgrading eToro, the analyst team stated that while eToro's growth is robust, increased competition in its core markets and products could drive up customer acquisition costs and pricing, impacting its expansion plans in the United States.