Why This Top Analyst Cut Coinbase Price Target, Still Calls It a ‘Top Idea’

Citizens JMP’s top analyst Devin Ryan cut his price target on Coinbase Global (COIN) from a Street-high of $400 to $355, implying 110% upside potential. Despite the cut, Ryan maintained his Buy rating and kept COIN stock among his “Top Ideas” list for 2026. Coinbase is a leading U.S. cryptocurrency exchange app and website that allows users to easily buy, sell, store, and trade hundreds of cryptocurrencies, like Bitcoin, Ethereum, and Solana.

The re-rating comes amid a sluggish crypto market, with fewer trades and price drops squeezing profits. Moreover, regulatory uncertainties warrant modest cuts to future estimates.  

Ryan is a five-star analyst on TipRanks, ranking #34 out of 12,128 analysts tracked. He has a 66% success rate and an impressive average return per rating of 32%.

Here’s Why Ryan Cut Coinbase PT

Ryan forecasts weak first-quarter performance, with EBITDA (earnings before interest, taxes, depreciation, and amortization) at $292 million. His estimate is 38% below consensus estimates of $469 million.

Ryan sees tough crypto market conditions, including lower trading volumes and falling asset prices, which hurt balance sheet values and related revenues. He is not assuming big contributions from new areas like equities trading or prediction markets, but he will watch for management’s guidance on their potential.

Ryan trimmed his 2026 and 2027 estimates slightly, factoring in lower crypto trading activity and a delayed timeline for crypto regulations, such as the Clarity Act. He still sees these rules sparking growth in tokenized assets and stablecoin demand down the line.

Is It Worth Buying Coinbase Stock?

On TipRanks, COIN has a Moderate Buy consensus rating based on 18 Buys, four Holds, and two Sell ratings. The average Coinbase Global price target of $255.95 implies 51.4% upside potential from current levels. Year-to-date, COIN shares have dropped 25.3%.