Citigroup has raised its price target for Coinbase (Nasdaq: COIN) stock from $270 to $505, citing strong fundamentals and rising investor confidence. With the stock closing at $379.49 on July 28, the new target suggests a potential 33% upside.
Coinbase, the largest US crypto exchange, joined the S&P 500 in May 2025—making it the only crypto-native stock in the benchmark index. Citigroup attributes its bullish outlook to the S&P 500 inclusion and progress on US crypto legislation, including the GENIUS and CLARITY Acts.
The firm maintains a “Buy” rating ahead of Coinbase’s Q2 earnings, set for release after market close on July 31. In Q1, the company reported $2B in revenue and $66M in net income.
Analysts at Zacks expect Q2 to show stronger trading volumes amid higher crypto prices and volatility. Coinbase’s expanding global footprint, product lineup, and Deribit acquisition also support the bullish outlook. Zacks gives Coinbase an Earnings ESP of +12.05%, signaling an expected beat over Wall Street forecasts.