Goldman Sachs upgrades Coinbase to Buy, citing strong revenue growth potential

Global investment bank Goldman Sachs has upgraded its rating for Coinbase from Neutral to Buy while downgrading the mobile investment app eToro from Buy to Neutral, CoinDesk reported. The bank raised its price target for Coinbase from $294 to $303 and lowered its target for eToro from $48 to $39. Goldman Sachs explained that Coinbase's revenue is projected to grow at an average annual rate of 12% through 2027, significantly outpacing the competitor average of 8%. In contrast, the bank noted that while eToro is seeing steady growth, intensifying competition in its core markets is likely to drive up customer acquisition costs.