Wall Street bank Goldman Sachs said it was “selectively constructive” on brokers and crypto companies heading into 2026, arguing that a resilient retail trading environment and continued regulatory developments should support growth.
“The convergence of traditional retail intermediaries and crypto trading will continue in 2026, potentially increasing competition and impacting market share and product pricing,” analysts led by James Yaro said in a note on Monday.
The bank upgraded cryptocurrency exchange Coinbase (COIN) to Neutral Buy and raised its price target from $294 to $303, suggesting an upside of more than 30%. The stock rose 4.3% in early Monday trading as crypto prices rose Monday night.
The bank lowered its rating on ETOR from “buy” to “neutral” and lowered its price target from $48 to $39. Shares fell 1.2% to $35.27 in pre-market trading.
Yaro and his team continue to rate Robinhood (HOOD), Interactive Brokers (IBKR), and Figure Technology (FIGR) as buys.
Yaro said Coinbase’s scale and brand strength are seen as key drivers of its revenue growth and market share growth above its peers. He predicted COIN’s revenue to grow at a compound annual growth rate (CAGR) of 12% through 2027 (versus 8% CAGR for peers), supported by best-in-class customer acquisition costs.
Yaro and team also highlighted recent product launches across brokerage, banking, assets and tokenization, saying these products improve the company’s competitiveness and position it to expand into structurally growing areas such as prediction markets.
At the same time, the bank is positive about Coinbase’s growing subscription and services business, which currently accounts for about 40% of its revenue, and expects it to grow steadily and reduce revenue volatility as crypto use cases expand beyond trading.
Analysts said that while eToro continues to experience healthy growth, competition is increasing across its core markets and products, which could result in higher customer acquisition costs and pricing, potentially impacting its planned U.S. expansion.
read more: Citi still believes in crypto stocks despite Bitcoin’s big swings towards the end of the year
