Goldman Sachs upgrades Coinbase stock rating to buy after 12 consecutive months of decline

Odaily Goldman Sachs has upgraded the stock rating of cryptocurrency exchange Coinbase from "Neutral" to "Buy" and raised the 12-month target price from $294 to $303. Analyst James Yaro noted that Coinbase is transitioning from cyclical growth to structural growth, with its subscription and service business revenue share increasing from 5% in 2020 to 40% in 2025. It is expected that this business will 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 services will reduce earnings volatility.