Bank of America raises Coinbase price target to $203, keeps Buy rating

Bank of America has raised its price target on Coinbase Global (COIN) to $203, up from $174, and kept its Buy rating on the stock.

The reason is not a trading boom. BofA analyst Craig Siegenthaler pointed to stablecoins, specifically the higher revenue he expects Coinbase to earn from them after the Federal Reserve’s rate hike in September 2026.

What BofA changed, and why

The revision, dated October 5, 2026, adds $29 to BofA’s previous $174 target. The bank also raised its earnings per share estimates for Coinbase for 2027 and 2028, citing the stablecoin revenue it expects to come through in those years.

BofA trimmed its near-term forecasts for Coinbase because crypto trading volumes have declined. That cut came even though Bitcoin rose 43% and Ether climbed 70% in the third quarter.

The update is consistent with an earlier BofA note from September 24, which had already laid out the same $203 target and Buy rating. The October note reaffirms that view rather than reversing course.

A target with a long memory

The bank’s targets for Coinbase have moved around considerably in 2026. In January, BofA had the stock pegged at $340. By May, that figure had come down to $218.

The latest move marks a step back up from $174, but the target remains well below January’s level.

Coinbase’s own financials help explain the caution. The company reported first-quarter revenue of $1.41 billion and a GAAP net loss of $394 million. A year earlier, the same quarter delivered $2.03 billion in revenue and a profit of $65.61 million.

Not everyone on Wall Street agrees

Citizens JMP has a Buy rating on Coinbase. Barclays, on the other hand, rates the stock a Sell.

What this means for Coinbase investors

Bitcoin up 43% and Ether up 70% in a single quarter would historically have been read as straightforward good news for an exchange. BofA is signaling that this relationship has weakened, at least in the near term, because volumes did not keep pace with prices.

BofA tied its higher 2027 and 2028 estimates to the post-hike rate environment, which means the thesis rests partly on monetary policy. If rate expectations shift, the assumptions underpinning those longer-term estimates would shift with them.

The near-term forecasts went down while the longer-dated estimates went up. Investors buying on the strength of the new target are, in effect, being asked to look past softer upcoming quarters toward a payoff that sits further out.