Barclays has increased its price target for Coinbase Global Inc. from $95 to $149, though it maintains an Underweight rating on the stock. Currently trading at $185.74, the shares are well above the new target and InvestingPro’s Fair Value of $146.72, suggesting potential overvaluation.
The adjustment comes amid an uptick in spot trading volumes, which improved quarter-over-quarter after hitting multi-year lows in June. Coinbase is also working to diversify its revenue streams, though retail trading and USDC-related interest income remain dominant. Barclays now forecasts third-quarter adjusted EBITDA of approximately $360 million, surpassing consensus estimates but falling short of the $699.55 million recorded over the last twelve months.
September saw a spike in trading volume, reaching closer to $2 billion daily on Coinbase’s exchange, driven by a recovery in asset prices and comments from President Trump about the Clarity Act. However, average daily volume dropped to around $1.5 billion in the first few days of October. Barclays remains skeptical about a broader recovery in spot crypto trading to levels seen in prior years.
Other recent developments include BofA Securities raising its price target to $203 from $174 with a Buy rating, citing anticipated stablecoin revenue growth. Baird reiterated a Neutral rating with a $130 target, noting potential benefits from the SEC’s Innovation Exemption. Mizuho also maintains a Neutral rating with a $155 target but expressed concerns over Coinbase’s recent fee adjustments for active traders.