Coinbase Global, Inc.

(NASDAQ Global Select)
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Slightly Bullish +25

Coinbase (COIN) Stock Climbs 4% as Morgan Stanley Lifts Price Target

Price target change AI-generated analysis

πŸ“ˆ Coinbase stock climbed 4.3% to $179.39 as Wall Street analysts adjusted price targets ahead of earnings.

πŸ“‰ Revenue fell 18.5% year-over-year to $1.22 billion, missing the $1.29 billion consensus estimate.

πŸ’Έ Adjusted losses expanded to $1.36 per share compared to an expected loss of $0.44.

πŸ“Š The company achieved a record 10.3% market share in crypto trading volume for three consecutive quarters.

πŸ’° Subscription and services revenue reached $555 million, with stablecoin balances hitting $20 billion.

βœ… Adjusted EBITDA hit $207.8 million, marking the 14th straight quarter of profitability.

πŸ›οΈ Coinbase filed paperwork to launch single-stock futures in the US pending SEC and CFTC approval.

βš–οΈ A federal judge denied a request to block Michigan's sports betting law enforcement against prediction markets.

πŸ“‰ Citizens JMP cut its price target from $325 to $280 citing work needed for diversification.

πŸ“ˆ Morgan Stanley raised its price target to $258 while maintaining an Equal Weight rating.

Bullish Signals
  • Coinbase achieved a record 10.3% share of crypto trading volume, up from 9.1% the prior quarter.
  • The company posted adjusted EBITDA of $207.8 million, its 14th consecutive quarter in positive territory.
  • Subscription and services revenue hit $555 million last quarter, with $292 million specifically from stablecoins.
  • Average USDC balances on Coinbase products reached $20 billion, indicating strong institutional adoption.
  • CFO Alesia Haas confirmed expenses came in below the midpoint of guidance across every major category.
Risk Factors
  • Q3 revenue came in at $1.22 billion, missing analyst expectations of $1.29 billion.
  • Adjusted losses widened to $1.36 per share against an expected loss of only $0.44.
  • Revenue from spot crypto trading has declined significantly, prompting a strategic pivot that analysts like Citizens JMP view as requiring more work.
Full Analysis
Coinbase Global, Inc. (COIN) shares rose 4.3% to $179.39 following mixed analyst actions ahead of its next earnings report. While Morgan Stanley raised its price target to $258, other firms like Citizens JMP cut targets due to concerns over Coinbase's diversification efforts beyond spot trading. The stock currently trades with an average analyst price target of $224.29 and a Hold rating, reflecting divergent views on the company's near-term prospects. The company recently reported Q3 revenue of $1.22 billion, missing analyst expectations of $1.29 billion and representing an 18.5% year-over-year decline. Adjusted losses widened to $1.36 per share versus a forecasted loss of $0.44. Despite the miss, Coinbase demonstrated operational resilience with adjusted EBITDA reaching $207.8 million for the 14th consecutive quarter in positive territory, as CFO Alesia Haas noted expenses came in below guidance across major categories. Coinbase is actively diversifying its revenue streams, with over 40% now derived from sources outside spot crypto trading. Subscription and services revenue totaled $555 million last quarter, including $292 million from stablecoins, while average USDC balances on its products reached $20 billion. The firm also captured a record 10.3% of total crypto trading volume, marking the third consecutive quarter of market share gains despite softer trading conditions.