Wells Fargo Initiates Coinbase Coverage with Neutral Rating and USD 200.00 Target

Wells Fargo has initiated coverage of Coinbase Global (COIN) with a neutral rating and a price target of USD 200.00, according to a report by AD HOC NEWS. Analyst Daniel Welden started the coverage on October 1, 2026. The price target is above the latest U.S. market reference, but the rating is neutral rather than bullish, as Wells Fargo notes that stronger cryptocurrency activity may not fully translate into revenue. The company is also facing consumer pricing pressure and mixed USDC trends, which temper the recovery case.

Coinbase's revenue mix is changing as the company expands beyond spot trading, developing derivatives, stablecoin services, prediction markets, and stock trading. This creates additional channels while increasing exposure to execution and regulatory risk. The company's second-quarter figures show the pressure it's facing, with revenue down 18.50 percent from the same period a year earlier, and a loss of USD 1.36 in diluted earnings per share, compared with a consensus loss of USD 0.01.

The comparison is important for the stock, as revenue missed the USD 1.35 billion estimate by USD 130.00 million, while the earnings-per-share shortfall was USD 1.35 against consensus. The weaker quarter gives the new USD 200.00 target a more demanding test, as future upside depends on higher activity converting into monetized services.