Goldman Sachs upgrades Coinbase to buy, cuts eToro to neutral

Goldman Sachs has expressed a "selectively constructive" outlook on brokers and crypto companies heading into 2026, anticipating continued convergence between traditional retail brokerage and crypto trading.

The bank upgraded Coinbase (COIN) from neutral to buy, raising its price target to $303, driven by its scale, brand strength, and expected above-peer revenue growth (12% CAGR through 2027). Goldman Sachs is also positive on Coinbase's expanding subscription and services business, which reduces earnings volatility.

Conversely, Goldman Sachs downgraded eToro (ETOR) from buy to neutral, cutting its price objective to $39. The analysts noted that intensifying competition in eToro's core market could lead to higher customer acquisition costs and pricing pressures.

(Source：CoinDesk)