KBW Pumps Coinbase to $237 Price Target

Keefe, Bruyette & Woods (KBW), a boutique investment firm owned by Stifel, has issued a bullish outperform rating on Coinbase (NASDAQ:COIN) and set a $237 price target.

The report views Coinbase as the preeminent franchise in the crypto space, with a cycle turning in its favor. The firm sees the stock's sensitivity to crypto prices and activity as a key factor in this positive outlook.

KBW anticipates an EBITDA of 24% above the current consensus, driven by stablecoin float revenue and the success of Everything Exchange products, including prediction markets and perps. However, the firm notes that CEX (centralized exchange) crypto volumes have only grown 5% from the 2021 cycle peak to the 2025 peak.

Despite these challenges, KBW believes investors should favor regulated share gainers like Coinbase, which has seen its estimated share of CEX volume rise from 1.9% in 2021 to 8.2% in Q2:26. The firm expects further global gains for Coinbase, particularly in Europe.