H.C. Wainwright Turns Bullish on Coinbase (COIN), Double Upgrades to Buy With $425 Target
H.C. Wainwright double upgraded Coinbase to Buy with a $425 target, citing crypto momentum and regulatory progress.Summary
Investment bank H.C. Wainwright reversed its bearish stance on Coinbase (COIN), upgrading the stock from sell to buy and raising its price target from $300 to $425. This bullish shift is attributed to renewed momentum in cryptocurrency prices, growing institutional demand, and the expectation of favorable U.S. regulatory breakthroughs, such as market structure legislation passing the Senate by year-end. The upgrade followed Coinbase's better-than-expected third-quarter earnings, which benefited from increased trading activity and growth in its subscription and services business. H.C. Wainwright increased its 2025 total revenue forecast for Coinbase to $7.4 billion and adjusted EPS to $4.99. The new $425 price target is based on a 13.1x enterprise value-to-revenue multiple applied to the 2026 revenue estimate of $9.1 billion. However, the bank cautioned about risks including reliance on retail trading, crypto volatility, and regulatory shifts.
(Source：CoinDesk)