Baird Securities initiated coverage on Coinbase Global Inc. (NASDAQ: COIN) with a Neutral recommendation and assigned a $240.00 price target. The research note characterizes Coinbase as a "strong franchise and solid growth story," highlighting its status as the largest U.S.-based cryptocurrency exchange serving both retail and institutional customers with expanding use cases.
The firm pointed to Coinbase's recent top-line performance, noting revenue growth of 47.38% over the last twelve months. At the same time, Baird said the stock's risk-reward profile appears balanced at current levels. The firm cited a deterioration in trading volumes following the October 10th cryptocurrency market pullback and uncertainty tied to the Clarity Act as factors that temper the near-term upside.
Data cited alongside the coverage initiation shows the shares have suffered a significant drawdown recently, with a 44.44% decline over the past six months. Baird also observed that Coinbase is trading close to its five-year average next-twelve-months enterprise value to revenue multiple, which the firm interprets as an indication that the shares are roughly fairly valued on that metric today.
On balance-sheet metrics, the research note emphasizes Coinbase's liquidity position, reporting a current ratio of 2.4, which indicates that liquid assets comfortably exceed short-term obligations. Baird acknowledged several potential growth drivers for the company, including its "Everything Exchange" initiative and an improving mix toward subscription revenue, but said it will wait for an "incremental pullback to upgrade" the rating.
The Baird initiation sits alongside a range of analyst views. Cantor Fitzgerald began coverage with an Overweight rating and a $277 price target, framing Coinbase as a conduit between Decentralized Finance and Traditional Finance. Conversely, Compass Point reduced its price target to $190 while maintaining a Sell rating, pointing to expected fourth-quarter revenue shortfalls in trading and subscription services.
Other firms have offered cautious takes: Raymond James reiterated a Market Perform rating and flagged concerns about whether recent revenue and EBITDA momentum can be sustained amid cryptocurrency market volatility. Rosenblatt revised its target down to $325 from $470, attributing the change to a marked reduction in trading volumes after a strong third quarter.
In addition to analyst commentary, Coinbase advised that users in the Philippines may face access constraints and suggested affected users rely on alternative networks or access the platform from outside the country. Collectively, these developments reflect a mix of analyst perspectives and operational headwinds that investors are weighing alongside the company’s growth initiatives and current valuation signals.
For investors: Baird’s Neutral stance highlights a view that near-term upside is limited absent clearer volume recovery or regulatory clarity, while other brokerages span the rating spectrum from Overweight to Sell.