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H.C. Wainwright Turns Bullish on Coinbase, Double Upgrades to Buy With $425 Target

H.C. Wainwright upgraded Coinbase (COIN) to a buy rating from sell and lifted its price target to $425, up from $300, just before the exchange released its third‑quarter results. Coinbase reported $1.9 billion in revenue, beating the $1.8 billion consensus, driven by higher trading volumes, a rebound in crypto prices and growth in its subscription and services business. The bank cited a bullish outlook for crypto prices, rising institutional demand and the prospect of U.S. market‑structure legislation as catalysts, projecting 2025 revenue of $7.4 billion and adjusted EPS of $4.99. It warned that reliance on retail trading, asset‑price volatility and regulatory uncertainty remain risks.