Goldman Sachs Boosts Price Targets on Coinbase and Robinhood
Goldman Sachs, the 157-year-old Wall Street investment bank, has raised its price targets on both Coinbase Global (Nasdaq: COIN) and Robinhood Markets (Nasdaq: HOOD). Analyst James Yaro increased the price target for Coinbase to $196 from $173, representing an upside of 115%. This new target comes as Coinbase's stock has rallied by 27% since August 19.
The bank remains cautiously optimistic about Coinbase's prospects due to structural growth in brokerage and prediction markets, potential crypto trading upside, regulatory progress around the CLARITY Act, and continued cost discipline. Goldman Sachs' price target for Robinhood was raised to $124 from $123, with the stock currently trading at $111.06.
The Treasury announcement to double the amount of longer-term bond buybacks in August sparked liquidity hopes and a crypto market rally. Coinbase CEO has predicted a 450% upside for Bitcoin.