Rothschild & Co Upgrades Coinbase to Buy
On October 3, 2025, Rothschild & Co Redburn upgraded Coinbase (NASDAQ: COIN) to a “Buy” rating. The firm raised its price target from $372 to $417. Analysts cited stronger revenue diversification and the expected growth of USDC’s market capitalization as key reasons for the upgrade.
They noted that lower U.S. interest rates might reduce short-term revenue. However, this impact should be balanced by the expansion of USDC.
Coinbase’s Growth Drivers
Rothschild highlighted Coinbase’s important role in the stablecoin ecosystem. The company’s shift towards subscription and service revenue also supports its long-term outlook. The bank estimates a 12.1% upside from the current price.
At the time of the report, Coinbase shares traded at $378. Rothschild also started coverage of Circle Internet Group (CRCL) with a “Neutral” rating and a $136 target. Circle’s stock was trading at $155.79.
Risks for Circle and Robinhood
Rothschild flagged risks for Circle, pointing to its revenue-sharing model as a potential weakness. The bank maintained a “Sell” rating on Robinhood (NASDAQ: HOOD). It said Robinhood’s stock is “priced for perfection” and may face downside risks.
The differing ratings show how analysts view crypto companies based on their business models. Coinbase benefits from USDC growth, while Circle and Robinhood face challenges from their revenue structures and market conditions.
