Coinbase Soars: Analysts Raise Targets Ahead of Earnings

Several Wall Street analysts have raised their price targets on Coinbase Global (COIN) stock ahead of the company's earnings report, scheduled for February 13 after the close of trading. The cryptocurrency exchange's financial results come a day after rival exchange Robinhood Markets (HOOD) reported strong Q4 2024 earnings, driven by a 700% increase in crypto trading revenues.

Investment bank H.C. Wainwright lifted its price target on COIN stock to $330 a share from $255 and reiterated a Buy rating on the shares. Analysts at H.C. Wainwright expect Coinbase to easily beat its fourth-quarter 2024 earnings and revenue targets due to strong tailwinds for crypto trading.

Citigroup (C) is also bullish on Coinbase Global heading into the company's Q4 print. Analysts at Citigroup raised their price target on COIN stock to $350 from $275 and maintained a Buy rating on the shares. They believe that Coinbase, as the largest U.S. cryptocurrency exchange, is well-positioned to capitalize on investor enthusiasm for digital assets and the transition to a new era under the friendly administration of U.S. President Donald Trump.

The consensus forecast on Wall Street is for Coinbase Global to report earnings of $2.11 a share, up 103% from $1.04 a year earlier. Revenue in the quarter is expected to grow 93% year-over-year to $1.84 billion. Trading in cryptocurrencies such as Bitcoin (BTC) has been frenetic since Trump won re-election last November, promising to usher in crypto-friendly regulations.

The stock of Coinbase Global has a consensus Moderate Buy rating among 16 Wall Street analysts. That rating is based on six Buy and 10 Hold recommendations issued in the last three months. The average COIN price target of $317.64 implies 8.46% upside from current levels.