Coinbase shares jumped 8% after Goldman Sachs upgraded the stock from “neutral” to “buy,” citing the company’s expanding diversification and raising its 12-month price target.
In a Monday note, Goldman Sachs analyst James Yaro said the bank holds “selective optimism” toward U.S. brokers and “structurally growing crypto infrastructure businesses” like Coinbase.
Along with the upgrade, Goldman increased its 12-month price target for COIN to $303 from $294. Coinbase closed the session up 8% at $254.92, with little movement in after-hours trading.
At current levels, Goldman’s new target implies roughly 18% upside over the next 12 months.
In the report, Yaro highlighted the strong growth potential of crypto companies like Coinbase that are expanding beyond pure trading models. He pointed to opportunities in infrastructure, tokenization, and prediction markets as key drivers.
Echoing that outlook, Coinbase CEO Brian Armstrong recently said the company is doubling down on its “everything exchange” strategy. The plan includes a greater focus on stablecoins, expanded exchange services, and continued development of its Ethereum layer-2 network, Base, in 2026.
Coinbase has already moved in this direction, integrating prediction markets into its platform through a partnership with Kalshi, as it seeks to capitalize on one of crypto’s fastest-growing sectors last year.
More broadly, Goldman Sachs remains optimistic on crypto in 2026. Yaro said the bank expects increased adoption from both retail and institutional investors, citing U.S. regulatory developments that could further support industry growth.
“Our base case includes further crypto regulatory reform, catalyzing further broad-based crypto adoption, and use cases beyond crypto trading, most importantly among institutions, whose adoption thus far has been limited.”
“We acknowledge that further regulatory reform—particularly the U.S. Congress’ draft crypto market structure bill—will be critical to the growth of the crypto ecosystem. Failure to pass the bill could represent a significant headwind,” Yaro added.
The report underscores a strong vote of confidence in Coinbase and reflects increasingly positive sentiment toward the broader crypto sector from Goldman Sachs and its analyst. According to TipRanks data, Yaro has a 62% success rate, with an average annual return of nearly 16%.
