Cantor Fitzgerald has lifted its price target on Coinbase to $212 from $184, while maintaining an Overweight rating on the stock. The Wall Street bank pointed to Bitcoin's recent climb back to near the $80,000 level as a key driver of a valuation repair across the crypto ecosystem. Coinbase, the largest regulated U.S. crypto exchange, remains a primary vehicle for institutional investors seeking crypto beta, according to the bank. Market sentiment has turned warmer in recent weeks, with trading volumes, ETF inflows and valuations of crypto-exposed equities all improving since Bitcoin rebounded from earlier lows. The bank's revised model incorporates management's guidance for the third quarter: subscription and services revenue is expected in the range of $500 million to $580 million; trading fees as a percentage of net revenue are seen in the teens; and adjusted expenses are estimated at approximately $980 million to $1.08 billion. The new target implies roughly 15% upside from the prior level of $184. If Bitcoin sustains its strength, the bank said, higher trading activity and stronger risk appetite across the ecosystem should continue to support Coinbase's valuation.
Price Target Raised to $212
Cantor Fitzgerald lifted its price target on Coinbase to $212 from $184, a $28 increase that equates to roughly 15%, maintaining an Overweight rating on the stock. The Wall Street bank said the move reflects a valuation repair across the crypto ecosystem after Bitcoin climbed back to near $80,000.
Coinbase, the leading regulated U.S. exchange, remains one of the core ways institutional capital expresses crypto beta, the bank said. Market sentiment has turned warmer. Since Bitcoin bounced off its earlier lows, trading volumes, ETF flows and valuations of crypto-exposed equities have all improved. Coinbase shares have followed the digital asset rebound, and investors are beginning to price in higher trading revenue, custody income and subscription services revenue.
Q3 Guidance in the Model
The revised target incorporates Coinbase management's latest guidance for the third quarter: subscription and services revenue is expected in the range of $500 million to $580 million; trading fees are projected in the teens as a percentage of net revenue; and adjusted expenses are estimated at $980 million to $1.08 billion.
The bank believes that if Bitcoin maintains its strength, rising trading activity and risk appetite across the crypto ecosystem will continue to support Coinbase's valuation.
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