Top Analyst Sees Coinbase Stock (COIN) as the ‘Best Way’ to be a Part of Crypto Renaissance

Top analyst Andrew Jeffrey from William Blair initiated a Buy rating on Coinbase (COIN) stock, saying that he views the crypto platform as the “best way for growth investors to participate in a crypto renaissance.” COIN stock has rallied about 26% over the past month and is flat on a year-to-date basis.

Last month, Coinbase became the first crypto company to join the S&P 500 Index (SPX).

William Blair Analyst Is Bullish on Crypto and Coinbase Stock

Jeffrey believes that the crypto industry, which is in its early phase, is evolving rapidly and is well-positioned for steady above-average growth, on the basis of token market capitalization and transaction volume. While the crypto market has been impacted by volatility, lack of regulatory clarity, fraud, and “questionable project economics” in the past, the 5-star analyst is convinced that “this time on the fringe is ending,” thanks to consistent regulation and growing use-cases.

The strength in the crypto space is expected to benefit several participants in this ecosystem. Notably, Jeffrey sees Coinbase as an attractive pick for investors seeking exposure to the crypto market, given that the company’s leading position presents an inherent advantage.

Jeffrey mentioned several offerings of Coinbase, which is a crypto exchange at its core. He highlighted the company’s Base platform, its self-custody wallet, and the subscription and services offering, including stablecoins, staking, subscriptions, and custody. Specifically, he sees stablecoins as the future of cross-border commerce. Interestingly, Jeffrey is optimistic that Coinbase’s subscription revenue growth will be the reason for long-term investors to buy the stock. Overall, the analyst emphasized that Coinbase offers the most comprehensive crypto services portfolio.

He noted that Coinbase stock trades at 16.7x 2026 EBITDA estimate, which reflects about a 50% discount to the average multiple of “fintech category killers.” He expects COIN stock to trade at least at a high-20-times multiple, given its durable above-average organic revenue, EBITDA, free cash flow, and ROIC (return on invested capital) growth.

Jeffrey ranks 146th among more than 9,600 analysts tracked on TipRanks. He has a success rate of 65%, with an average return of 14.1% over a one-year period.

What Is the Price Prediction for COIN Stock?

With 12 Buys and 11 Holds, Wall Street has a Moderate Buy consensus rating on Coinbase Global stock. The average COIN stock price target of $263 indicates about 5% upside potential.

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