Coinbase Stock Gets Boost from Wells Fargo, but Revenue Expectations Weaken
Coinbase stock received a boost from Wells Fargo, which initiated coverage with a neutral rating and a $200 target price. This came just a day before the stock briefly cleared $200, closing at $183.00, down 3.32%.
Wells Fargo analyst Daniel Welden highlighted Coinbase's core crypto franchise, but noted that stronger activity may not translate fully into revenue. He also mentioned consumer pricing pressure and mixed USDC trends as tempering the firm's positive view of a crypto recovery.
Coinbase's CFO, Alesia Haas, has made a cost pledge, stating that 2026 expenses will be similar to 2025 expenses, absent any changes to USDC rewards. However, revenue expectations have weakened, with analysts cutting their full-year 2026 revenue estimate from $8.5 billion to around $5.3 billion.
The TIKR model values Coinbase at around $606 by December 31, 2030, a potential total return of about 231% from $183.00. This requires earnings to swing from an expected 2026 loss to a level that justifies this price target.