Rothschild Upgrades Coinbase to “Buy,” Flags Risks for Circle and Robinhood

TheCryptoTimesPubblicato 2025-10-03Pubblicato ultima volta 2025-10-03

Rothschild & Co Redburn shifted its outlook on Coinbase (NASDAQ: COIN) to “Buy” on October 3, 2025, raising the price target to $417. The bank’s analysts pointed to stronger revenue diversification and the projected expansion of USDC’s market capitalization as the main factors supporting the upgrade.

According to the reports, lower U.S. interest rates could weigh on short-term revenue, but this is expected to be offset by the expansion of USDC

Why Coinbase?

Coinbase’s role in the stablecoin’s ecosystem, combined with its broader shift toward subscription and service revenue, was described as a key driver for the stock’s long-term outlook.

Rothschild also provided updated data points for investors. The bank adjusted its Coinbase price target from $372 to $417, estimating an upside of 12.1%.

At the time of writing, Coinbase stock (COIN) was trading at $378. The firm also initiated coverage of Circle Internet Group (CRCL) with a “Neutral” rating and a $136 target price, compared with its current trading level of $155.79, according to TradingView.

Risks flagged for Circle and Robinhood

Alongside its positive assessment of Coinbase, Rothschild highlighted concerns about Circle, pointing to its revenue-sharing model as a possible vulnerability. The bank also reiterated a “Sell” rating on Robinhood (NASDAQ: HOOD), arguing the stock is “priced for perfection” and may not reflect potential downside risks.

Broader market context

The diverging ratings reflect how traditional financial analysts are assessing varying strategies in the crypto sector. Coinbase is viewed as having revenue support from USDC growth, while Circle and Robinhood face questions tied to their business models. 

The mixed outlook highlights that investor sentiment toward publicly traded crypto firms remains shaped by both opportunities around stablecoins and ongoing risks from regulation and market conditions.

Also read: Coinbase Hits $1B Milestone in Bitcoin-Backed Onchain Loans


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