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ZEC $1,310 Bank of America raises Coinbase price target to $203, keeps buy rating
BofA lifted its COIN target from $174 to $203 on stablecoin revenue, while trimming its third-quarter and full-year earnings estimates.
Key takeaways
- EPS estimate cut. BofA lowered its third-quarter 2026 EPS estimate for Coinbase to -$0.24 from -$0.22.
- Results due October 23. Coinbase is expected to release its third-quarter 2026 financial results on October 23 after the market closes.
What happened
Bank of America raised its price target on Coinbase to $203 from $174 and kept a buy rating on the shares, according to reports dated October 5. The reports describe the target as a 6% upside from the $191 share price cited at the time of writing.
The bank also cut its third-quarter 2026 earnings-per-share estimate for Coinbase to -$0.24 from -$0.22 and lowered its full-year EPS forecast to -$0.73 from -$0.71. BofA linked the trims to weak crypto trading volumes. Coinbase is expected to release its third-quarter 2026 financial results on October 23 after the market closes.
The call came as US crypto stocks traded higher. Circle shares were up 2.1% and Strategy shares were up 2.4% at the time of writing, while COIN itself had risen 3% to $188.
Why it matters
The higher target leans on stablecoin revenue rather than trading activity. BofA tied it to a potential rise in Coinbase's stablecoin revenue after the Federal Reserve raised interest rates by 25 basis points at the September FOMC meeting.
The bank raised its 2027 and 2028 earnings estimates on expected higher revenue from USDC reserves after that rate move, even as it kept a weaker near-term view because of lower trading volumes.
Bitwise CIO Matt Hougan said the failure of the CLARITY Act bill gave Coinbase a stablecoin rewards edge, a note that arrived shortly before the target change.
What the data shows
Coinbase's adjusted EPS for the second quarter of 2026 came in at -$0.39, against a forecast of $0.14. The shares remain down 19% year-to-date. The weekly chart shows an RSI reading of 51, an upper Bollinger band of $201, support at $174 and a lower Bollinger band of $136.
What is still unclear
- The reports give different share prices for the same day, with one citing $191 at the time of writing and the other saying the stock traded at $188.
- It is not clear whether stablecoin revenue can offset weaker trading volumes before the October 23 results.
Questions readers ask
Did Bank of America change its Coinbase earnings estimates?
Yes. The bank lowered its third-quarter 2026 EPS estimate to -$0.24 from -$0.22 and its full-year forecast to -$0.73 from -$0.71, citing weak crypto trading volumes.
When does Coinbase report third-quarter 2026 earnings?
Coinbase is expected to release its third-quarter 2026 financial results on October 23 after the market closes.
