Morgan Stanley raised its Coinbase price target from $250 to $258 on October 9, 2026, maintaining an Equal Weight rating ahead of the company’s next earnings report. The new target was 50% above the shares’ previous $172 close and represented a 3.2% increase from the bank’s earlier forecast, according to The Fly and MarketBeat. Shares later traded around $179.39, up 4.30% on the day.
Wall Street calls split in both directions. Citizens JMP lowered its target from $325 to $280 but kept a Market Outperform rating, citing execution still needed as Coinbase expands beyond crypto trading. That target still implied roughly 62.8% upside from the $172 close. Other ratings included Goldman Sachs reiterating Buy at $244, Cantor Fitzgerald maintaining Overweight at $212, Wells Fargo starting at Equal Weight with a $200 target, and Barclays staying Underweight while raising its number to $149. Across tracked analysts, the aggregate classification remained Hold with an average target of $224.29.
Coinbase’s recent financials remained under pressure. Second-quarter revenue was $1.22 billion, down 18.5% year over year and below the $1.29 billion analyst estimate. The company reported a net loss of $359.5 million and an adjusted loss per share of $1.36, well below the expected loss of $0.44. Subscription and services revenue reached $555 million, including $292 million from stablecoins, and average USDC balances on Coinbase products hit $20 billion. Transaction revenue was $599 million, with consumer trading revenue down 30.5% year over year. Coinbase also reported a record 10.3% share of crypto trading volume, its third consecutive quarterly market-share gain.
The company continues to diversify beyond spot trading. More than 40% of revenue now comes from outside crypto trading, and Coinbase has filed with the SEC and CFTC to offer single-stock perpetual contracts to US customers. In July, it expanded commission-free stock and ETF trading for eligible US customers. Not all expansions are proceeding smoothly: a federal judge in Michigan denied Coinbase’s request to block state enforcement against its sports prediction contracts, leaving the underlying lawsuit open.
Despite the mixed analyst calls and revenue miss, Coinbase reported adjusted EBITDA of $207.8 million, marking its 14th consecutive quarter of positive adjusted EBITDA. CFO Alesia Haas said expenses came in below the midpoint of guidance for every major expense category.
