BofA analyst Mark McLaughlin lowered the firm’s price target on Coinbase (COIN) to $311 from $363 and keeps a Neutral rating on the shares after the company reported adjusted EPS of $3.38 excluding a $357M after-tax impact from gains on their crypto asset investment portfolio. The firm is raising its 2026 and 2027 EPS estimates to $9.55 and $10.35 from $8.57 and $9.08, respectively, driven by accelerating on-chain volumes and utilization of subscription and services revenue sources, but applying a lower multiple on its 2027 EPS estimate given heightened volumes, which it expects to decelerate near-term in-line with sentiment.
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