Goldman Sachs upgraded Coinbase to "Buy" and downgraded eToro to "Neutral".

PANews reported on January 5th that, according to CoinDesk, Wall Street investment bank Goldman Sachs maintains a selectively optimistic outlook for brokers and crypto companies in 2026, believing that a strong retail trading environment and ongoing regulatory progress will support industry growth. Goldman Sachs upgraded cryptocurrency exchange Coinbase from "Neutral" to "Buy," raising its price target from $294 to $303, implying over 30% upside potential. It downgraded eToro from "Buy" to "Neutral," lowering its price target from $48 to $39. Additionally, Goldman Sachs maintained its "Buy" rating on Robinhood, Interactive Brokers, and Figure Technology.

The analyst team points out that Coinbase's scale and brand strength are key drivers of its revenue growth exceeding that of its peers and increasing market share. They project its revenue CAGR to reach 12% by 2027, compared to its peers' 8%, thanks to its leading customer acquisition cost advantage. The team also emphasizes that Coinbase's recent product launches in brokerage, banking, wealth management, and tokenization have enhanced its competitiveness, helping it expand its scale in structurally growing areas such as prediction markets. Meanwhile, Goldman Sachs is optimistic about Coinbase's expanding subscription and services business, which currently accounts for approximately 40% of revenue. They expect this business to grow steadily and reduce earnings volatility as cryptocurrency applications expand. When downgrading eToro, the analyst team stated that although eToro's growth is robust, increased competition in its core markets and products could drive up customer acquisition costs and pricing, impacting its expansion plans in the United States.