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Wall Street investment bank Goldman Sachs (NYSE: $GS ) has upgraded the stock of cryptocurrency exchange Coinbase Global (NASDAQ: $COIN ) to a "buy" rating.

Analysts at Goldman Sachs say they are "constructive" on crypto companies heading into 2026, arguing that a strong retail trading environment and favourable regulations should spur growth.

Accordingly, the influential Wall Street firm upgraded Coinbase Global's stock to a "buy" rating from "neutral" previously and raised its price target on the shares to $303 U.S. from $294 U.S.

The new price target from Goldman Sachs is more than 30% higher than where COIN stock currently trades.

Goldman Sachs also maintained its previous buy ratings on brokerages Robinhood Markets (NASDAQ: $HOOD ) and Interactive Brokers (NASDAQ: $IBKR ).

In a note to clients, Goldman Sachs said that Coinbase's scale and brand strength should drive revenue growth and market share gains in 2026.

Goldman Sachs' forecasts a 12% compound annual growth rate (CAGR) in revenue for Coinbase through 2027, supported by best-in-class customer acquisition costs.

The investment bank also highlighted recent product launches at Coinbase across brokerage, banking, and wealth management services.

Goldman Sachs also likes Coinbase's expanding subscription service, which it says now accounts for about 40% of the company's annual revenue.

COIN stock has declined 18% over the past 12 months to trade at $236.53 U.S. per share.