Wall Street giants Goldman Sachs and Bernstein have issued bullish research notes, suggesting that the steep correction in crypto-linked equities has created a selective buying opportunity for investors. The sector has fallen sharply from its October 2025 peak, with Goldman Sachs noting a 46% drawdown and Bernstein citing a roughly 60% decline.
Goldman Sachs analyst James Yaro told clients that valuations are near historical trough levels, and the current drawdown has roughly matched the average peak-to-trough decline seen in previous crypto cycles. "All in, we see an increasingly attractive entry point to our digital-asset sensitive coverage, albeit selectively, across the group," Yaro stated. The firm maintained Buy ratings on three stocks: Robinhood Markets (HOOD), Figure Technologies (FIGR), and Coinbase Global (COIN).
Goldman adjusted its price targets, cutting HOOD's target to $91 from $102 and COIN's to $235 from $270, while raising FIGR's target to $42 from $39. As of March 28, HOOD closed at $66.02 and COIN at $161.14. The note highlighted Robinhood's recent approval of a $1.5 billion share buyback and Figure's expansion as a blockchain-native lender with over $16 billion in originated on-chain home equity loans.
Bernstein analysts, led by Gautam Chhugani, echoed the sentiment, calling the sell-off a chance to buy "big businesses at big discounts." They maintained Outperform ratings on the same trio of stocks—Coinbase, Robinhood, and Figure—while revising price targets downward. Bernstein lowered Coinbase's target to $330 from $440, Robinhood's to $130 from $160, and Figure's to $67 from $72.
Both firms acknowledged near-term risks. Goldman warned that trading volumes may dip further before recovering, estimating a potential 2% revenue and 4% profit trim for 2026, with trough volumes historically lasting about three months. Bernstein expects weakness to persist through Q1 earnings but views current levels as an entry point into companies exposed to growing markets like stablecoins, tokenization, and derivatives.
The broader context includes a significant crypto market correction, with Bitcoin falling roughly 40%–50% from its record high near $126,000, erasing about $2 trillion in total market value. Bernstein separately reiterated its view that Bitcoin has likely found a bottom and maintains a $150,000 year-end price target.
