What next for Coinbase stock after the BofA, Goldman Sachs upgrades?
Coinbase stock price remains under pressure this week as the recent momentum in the crypto market waned.
- Coinbase stock price has crashed by 50% from its highest level in 2025.
- Wall Street analysts from Goldman Sachs and Bank of America are bullish on the stock.
- Technical analysis suggests that the stock has more downside in the near term.
Coinbase, the biggest American crypto exchange, dropped by 50% from its highest level in 2025. It was trading at $247 today, January 8, giving it a market capitalization of $66 billion.
Wall Street analysts are becoming bullish on the stock, which they see as a cheap company that may rebound later this year.
In a note, Jason Kupferberg, a top Bank of America analyst, upgraded his rating from neutral to buy and boosted his price target to $340, up by 38.25% from the current level.
The upgrade came two days after James Yaro, a top analyst at Goldman Sachs, believed that the stock would eventually rise to $303, up by 28% from the current level.
Analysts at other banks like Needham, Cantor Fitzgerald, and Citigroup have all boosted their targets recently. As a result, the consensus target among analysts is $376, up by 52% from the current level.
Most of these analysts cite its market share in the United States and the recent product launches. For example, the company launched its predictions market through its collaboration with Kalshi. It also announced that it will launch a stock market trading platform, which will expand its service offerings.
The analysts also pointed to the company’s Base Blockchain, which has evolved into the biggest layer-2 network in the crypto industry. Base handles transactions worth millions of dollars a day, and the management hopes to launch a $BASE token this year.
Coinbase’s valuation has also improved recently, with the forward price-to-earnings ratio moving to 32, which is much lower than the five-year average of 42. Its PEG ratio of 0.20 is also lower than the sector median of 0.54.
However, the company continues to face major headwinds, including the rising competition from large companies like SoFi, Charles Schwab, and Vanguard. It may also see weak growth because of the ongoing crypto market crash.
Coinbase stock price technical analysis
The daily timeframe chart shows that the COIN stock price has crashed from a high of $444.10 in July to the current $250.
It remains much lower than the key support level at $292, its lowest level in August and September.
The stock has plunged below all moving averages and has already formed a death cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages cross each other.
It has also moved below the Supertrend indicator. Therefore, the most likely scenario is where the stock will continue falling, potentially to the key support level at $225, its lowest level in December.
Coinbase closed Friday at $240.78 per share, down 1.96%.
