Goldman Boosts Coinbase Target to $196 as Regulatory Catalysts Loom

Coinbase's recent Q2 earnings report was a disaster, with a non-GAAP loss of $1.36 per share against an estimate of -$0.44 and a net loss of $359.5 million.

The company's revenue missed the street by nearly 6% while shrinking 18.5% year-over-year, and its transaction revenue bled out 21.6% sequentially.

Despite this, Goldman Sachs has raised its price target from $173 to $196 with a Buy rating, citing the potential for regulatory catalysts around US crypto infrastructure.

The CLARITY Act, which passed the House and cleared the Senate Banking Committee, is heading for a procedural floor vote in September and could reprice exchange equities fast.