Bank of America raised its price target on Coinbase Global (COIN) to $203 from $174 while maintaining a Buy rating, according to Coinpedia. The revision, dated October 5, 2026, adds $29 to the prior target and keeps the stock rated favorably.
The reason is not a trading boom. BofA analyst Craig Siegenthaler pointed to stablecoins, specifically the higher revenue the bank expects Coinbase to earn from them after the Federal Reserve’s rate hike in September 2026, Cryptobriefing reported.
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Key facts
- BofA lifted its Coinbase price target to $203 from $174, a $29 increase, and kept its Buy rating, per Cryptobriefing.
- BofA also raised its earnings per share estimates for Coinbase for 2027 and 2028, citing expected stablecoin revenue after the Fed’s September 2026 rate hike.
- The bank trimmed its near-term forecasts because crypto trading volumes have declined, even though Bitcoin rose 43% and Ether climbed 70% in the third quarter.
- The October note reaffirms a view BofA had already laid out in a September 24 note with the same $203 target and Buy rating.
- Wall Street is split: Citizens JMP has a Buy rating on Coinbase, while Barclays rates the stock a Sell.
What changed, and what did not
The October revision restates a call BofA first published on September 24 rather than reversing course, Cryptobriefing noted. The near-term outlook remains softer for Coinbase because of lower trading volumes, but BofA expects stablecoin revenue to support future earnings growth, per Coinpedia.
BofA’s targets for Coinbase have moved around a lot in 2026. The stock was pegged at $340 in January, then $218 by May, before sitting at $174 and moving back up to $203 in October, according to Cryptobriefing. The latest figure remains well below January’s level.
Also readWise to Resubmit U.S. Trust Bank Application Under New Stablecoin Law
Coinbase’s own numbers
Coinbase’s financials help explain the caution. The company reported first-quarter revenue of $1.41 billion and a GAAP net loss of $394 million, Cryptobriefing reported. A year earlier, the same quarter delivered $2.03 billion in revenue and a profit of $65.61 million.
Neither report carries a fresh comment from Coinbase or from Siegenthaler beyond the target change. Note: these are analyst forecasts, not financial advice, and the market for crypto-linked equities remains volatile and uncertain.
Why it matters
Bitcoin up 43% and Ether up 70% in a single quarter would historically have been read as straightforward good news for an exchange. BofA is signaling that the relationship has weakened, at least in the near term, because volumes did not keep pace with prices.
For Coinbase investors, the update mixes a higher headline target with lower near-term numbers, so anyone buying on the strength of the new target is being asked to look past softer upcoming quarters toward a payoff that sits further out. The bullish case now rests on stablecoin revenue rather than trading fees, which makes it sensitive to how the post-hike rate environment plays out.
What to watch
Coinbase’s next earnings report will show whether stablecoin revenue is making up for softer trading volumes, and any shift in rate expectations could move the 2027 and 2028 estimates that underpin the new target.
Sources: Coinpedia, Cryptobriefing
