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Investing.com - Mizuho has raised its price target on Coinbase Global Inc. (NASDAQ:COIN) to $320 from $300 while maintaining a Neutral rating following the cryptocurrency exchange’s third-quarter earnings report. The stock currently trades at $343.78, sitting between analyst targets ranging from $185 to $510, according to InvestingPro data.
The company reported solid results for the third quarter of 2025, with institutional trading revenue showing improvement, helped by the Deribit acquisition and merger integration.
Stablecoin revenue grew 44% year-over-year as USDC balances and market capitalization continued to expand, with off-platform revenue driving approximately 55% of Coinbase’s third-quarter stablecoin revenue.
Despite these positive developments, Mizuho remains cautious about Coinbase’s outlook, citing potential risks to the company’s high retail take rates from increasing competition, though integrated DEX access could provide some protection.
The research firm also expressed concern about Coinbase’s growing reliance on USDC, which now represents almost 20% of total revenue, noting this dependency could become a drag as interest rates decline and competition in the stablecoin market intensifies.
In other recent news, Coinbase Global Inc. is reportedly in advanced negotiations to acquire the stablecoin infrastructure startup BVNK for approximately $2 billion, pending due diligence. This potential acquisition highlights Coinbase’s strategic move to expand its capabilities in the cryptocurrency space. Additionally, Coinbase’s third-quarter earnings report revealed that transaction revenues more than doubled year-over-year, with subscription and services revenue surpassing management’s guidance. The company delivered better-than-expected results on both revenue and earnings, prompting Benchmark to reiterate a Buy rating with a $421 price target.
Meanwhile, BTIG raised its price target for Coinbase to $420, citing the expansion of tradable spot assets and enhancements to its U.S. perpetual futures offering. On the other hand, Jefferies lowered its price target to $367, maintaining a Hold rating, due to a higher spending outlook despite earnings per share exceeding consensus estimates. Similarly, Goldman Sachs reduced its price target to $368, maintaining a Neutral rating, but noted that Coinbase’s core earnings per share surpassed both its estimates and consensus expectations. These developments reflect varying perspectives from analysts on Coinbase’s financial outlook and strategic initiatives.
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