H.C. Wainwright Turns Bullish on Coinbase (COIN), Double Upgrades to Buy With $425 Target

H.C. Wainwright has upgraded Coinbase from sell to buy, increasing the price target from $300 to $425 ahead of the exchange's third-quarter earnings release. The bank's bullish outlook is attributed to renewed momentum in the cryptocurrency market and potential regulatory progress in the U.S. As a result, Coinbase's earnings are expected to benefit from higher trading activity, a rebound in asset prices, and growth in its subscription and services revenue. The upgrade suggests the bank sees greater potential for Coinbase shares, especially as market structure legislation may pass by the end of the year, which could act as a catalyst. Despite early trading showing a slight dip in Coinbase shares, the analysts anticipate stronger-than-expected results driven by retail trading spreads and increased subscription income, along with a revision of revenue forecasts for 2025.

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