Rosenblatt Reiterates Buy Rating on Coinbase (COIN)

Rosenblatt analyst Chris Brendler reiterated a Buy rating and $200.00 price target on Coinbase (NASDAQ: COIN).

The analyst comments "Ahead of 3Q26 results today after the close, we are raising estimates to account for the sharp improvement in the crypto market over the last two months. Although COIN trading volume for the quarter still dropped 4% q/q, this compares favorably to our prior estimate (-20%) and the ~7% drop across the global exchange market. Combined with higher estimates for additional market-sensitive revenue drivers (staking, fee income) and continued scaling of new growth initiatives (derivatives and prediction markets), we now expect a stronger top line at $1,226M, up from $1,134M previously and above the current consensus of $1,206M. With the stock underperforming into 3Q results (-15% over the last month vs +1% for the S&P and -4% for BTC), we like the setup into earnings. In addition to higher crypto prices, we see increasing institutional interest in blockchain technology through initiatives like tokenization amid a highly supportive regulatory environment as key fundamental tailwinds for the industry's clear market leader. Accordingly, we reiterate our BUY rating and $200 price target, now based on 20x our 2028 adjusted EBITDA estimate vs. the three-year average forward multiple of 19x."

For an analyst ratings summary and ratings history on Coinbase click here. For more ratings news on Coinbase click here.

Shares of Coinbase closed at $162.32 yesterday.

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