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

H.C. Wainwright has upgraded Coinbase (COIN) from sell to buy, raising its price target from $300 to $425. This decision comes ahead of Coinbase's third-quarter earnings report and is driven by renewed optimism in the cryptocurrency market, with expectations of higher crypto prices and increasing institutional demand. The analysts predict a strong earnings report, fueled by higher subscription revenues and improved trading spreads, alongside potential regulatory breakthroughs that could positively impact Coinbase's market position. Wainwright's forecast includes total revenue estimates of $7.4 billion for 2025, up from $7.1 billion, with adjusted EPS projected to rise to $4.99 from $4.45. Despite acknowledging potential risks related to Coinbase’s reliance on retail trading and regulatory changes, the firm sees a high likelihood of legislative progress that could serve as a catalyst for the stock.

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