Analysts slash Coinbase revenue and EBITDA estimates but maintain outperform rating, citing trough in earnings by year-end.
Coinbase (COIN) and Circle (CRCL) shares climbed 3–4% Wednesday after William Blair reduced its revenue and earnings forecasts for Coinbase. The firm cut 2026 revenue estimates by 12% and 2027 estimates by 13%, while slashing adjusted EBITDA projections by 34% for both years.
Despite the downgrades, William Blair maintained an outperform rating, arguing that earnings will bottom in the second half of 2026 before rebounding in 2027. The firm suggested risks are already priced into the stocks, which have fallen nearly 30% and 20% this year, respectively.
The note highlighted strong upside exposure to a potential Bitcoin recovery, aligning with technical signals like a double-bottom pattern flagged by analyst John Bollinger.