Wells Fargo Puts $200 Price Target on Coinbase, Cites Consumer Pricing Pressure

Coinbase Global (COIN) received a neutral rating from Wells Fargo analyst Daniel Welden, who set a $200 target price for the stock. Welden views Coinbase as a core crypto franchise, but notes that stronger activity may not translate fully into revenue due to consumer pricing pressure and mixed USDC trends.

On the same day, shares hit $200.35 intraday before closing at $183.00, down 3.32%. Coinbase's response to its expense line is a key theme in its investor relations materials, as outlined by CFO Alesia Haas.

Haas pledged that the company's 2026 expenses will remain at 2025 levels, absent any impact from USDC rewards. However, revenue expectations have weakened, with analysts cutting their full-year 2026 revenue estimate from about $8.5 billion to around $5.3 billion. The 2027 consensus shows why costs matter, with analysts expecting revenue to rise about 29% to $6.9 billion and EBITDA to more than double to $2.6 billion.