U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Investing.com - Benchmark raised its price target on Coinbase Global Inc. (NASDAQ:COIN) to $421.00 from $301.00 while maintaining a Buy rating on Monday. The new target sits well above the current trading price of $308.38, with analyst targets ranging from $170 to $400. According to InvestingPro data, the stock currently trades at a P/E ratio of 52x.
The research firm cited a "transformational year" for Coinbase, noting the company’s shares jumped more than 23% last week following a series of positive headlines and announcements that appeared to affirm or boost its long-term growth prospects. This momentum is reflected in the company’s impressive 76.45% revenue growth and strong financial health score, as reported by InvestingPro.
Benchmark’s new price target is based on 35 times Coinbase’s fiscal year 2026 estimated diluted earnings per share of $12.03, reflecting what the firm believes merits a higher earnings multiple for the stock.
The firm pointed to an improving operating environment for Coinbase due to legislative and regulatory actions supportive of its growth prospects, along with the company’s initiatives aimed at taking full advantage of those changes.
Benchmark also noted that Robinhood (NASDAQ:HOOD), which it described as "often cited as the closest equity comp to COIN," currently trades at 47.1 times fiscal year 2026 estimated earnings per share.
In other recent news, Coinbase has introduced a stablecoin payment system, Coinbase Payments, in collaboration with Shopify (NASDAQ:SHOP). This new system enables merchants to accept USDC stablecoin payments globally, offering faster settlement times and lower fees. Coinbase Payments consists of three components: Stablecoin Checkout, Ecommerce Engine, and Commerce Payments Protocol, all running on Coinbase’s Base blockchain platform. In addition to this development, Rosenblatt Securities reiterated its buy rating on Coinbase, citing optimism about the cryptocurrency sector and the company’s diversified product expansion, including payments and lending services. Cantor Fitzgerald also reaffirmed its Overweight rating, highlighting Coinbase’s role as a critical infrastructure layer in the crypto industry and its new product offerings such as the USDC-powered payments product and a bitcoin rewards card. Barclays (LON:BARC) maintained its Equalweight rating, acknowledging Coinbase’s recent product announcements, including a new subscription service and a partnership with Shopify for USDC payments. Meanwhile, JPMorgan kept its Neutral rating, noting Coinbase’s plans for further product expansion, including commerce solutions and a 4% bitcoin cashback credit card. These developments underscore Coinbase’s ongoing efforts to broaden its services and strengthen its market position.
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