Shares of Coinbase Global (NASDAQ: COIN) climbed 4.30% to $179.39 on the day, as Wall Street firms adjusted their price targets on the cryptocurrency exchange ahead of its next earnings report. The exchange operator listed its shares on the Nasdaq in April 2021.

Morgan Stanley raised its price target on Coinbase from $250 to $258 this week, while keeping an Equal Weight rating on the stock — a sign the bank is not fully convinced despite the higher figure. Citizens JMP moved in the opposite direction, cutting its target from $325 to $280 but maintaining a Market Outperform rating, citing the work still ahead as Coinbase pushes beyond crypto trading.

The divergent calls follow a rough stretch for Coinbase's numbers. Last quarter, revenue came in at $1.22 billion, below the $1.29 billion analysts had expected, and represented an 18.5% decline from the same period a year earlier. Adjusted losses also came in wider than forecast, at $1.36 per share against an expected loss of $0.44.

Wall Street Is Split on Coinbase

Opinions across the Street vary widely. Baird lifted its target from $130 to $205 while staying Neutral. Barclays raised its number from $95 to $149 but kept an Underweight rating. Wells Fargo initiated coverage with an Equal Weight rating and a $200 target. Goldman Sachs reiterated a Buy with a $244 target, and Cantor Fitzgerald holds an Overweight rating at $212.

The spread between the low and high targets — $149 to $280 — is nearly a doubling, a measure of how unsettled the Street's consensus on Coinbase remains even after this week's revisions.

Across all tracked analysts, Coinbase carries an average Hold rating with a price target of $224.29.

##iversifying Beyond Trading

More than 40% of Coinbase's revenue now comes from outside spot crypto trading. The company has leaned into stablecoins, subscriptions and new derivatives products to soften its reliance on trading fees — a mix aimed at cushioning results when trading activity cools.

Subscription and services revenue hit $555 million last quarter, with $292 million of that total — more than half — coming from stablecoins. Average USDC balances across Coinbase products reached $20 billion.

The exchange also posted a record 10.3% share of crypto trading volume, up from 9.1% the prior quarter, marking its third consecutive quarter of market share gains even as trading conditions stayed soft. The company reported adjusted EBITDA of $207.8 million, its 14th straight quarter in positive territory. Chief Financial Officer Alesia Haas said expenses came in below the midpoint of guidance across every major category.

Coinbase has also pushed into new US products. In September, it filed paperwork with regulators to bring single-stock futures contracts to American customers, a move that would require sign-off from both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — a pending approval that stands as one of the next checkpoints for that product push.

Legal Setback in Michigan

Not every expansion effort has gone smoothly. A federal judge in Michigan denied Coinbase's request to block the state from enforcing its sports betting law against the company's prediction market contracts. The judge ruled that Coinbase had not shown it was likely to prevail in its argument that federal rules override the state law, leaving Michigan free to enforce the statute while the underlying lawsuit remains open, with no final ruling yet in the broader dispute. The case is one to track as prediction markets join stablecoins and futures in Coinbase's drive to build revenue beyond trading.

Technical Picture

COIN has broken out of a multi-month consolidation range bounded by roughly $163 support and $203 resistance, with the price testing the $200 zone again after pulling back from recent highs near $208. The rising trendline from the August low near $145 is holding, and the day's 4.30% jump off the $160s support shelf suggests buyers are defending that higher low and the broader uptrend structure.

The relative strength index (RSI) sits near 48, a neutral reading that leaves room to move in either direction without being overbought or oversold. The moving average convergence divergence (MACD) shows the signal line curling back toward the zero line after a recent bearish cross, meaning momentum has cooled but has not turned decisively negative. Among the levels flagged in the analysis, a close back above $203 would reopen a path toward $220, while a break below the $163 trendline support could send shares back toward $145.