Coinbase Stock Eyes 35% Upside as Citi Raises Target to $230

Key Insights

• Kazakhstan’s AIFC Court restricts Coinbase and five other exchanges from offering unlicensed crypto services.
• Citi raises its COIN stock price target to $230 from $210, maintaining a Buy rating.
• TipRanks data shows a $206.46 average COIN price target, suggesting 20.77% potential upside.

Coinbase stock recovered modestly on October 20 after Citi raised its price target, despite regulatory concerns surrounding its Kazakhstan operations. Shares closed at $170.85, gaining 1.43% during the session.

The recovery followed a September court ruling restricting Coinbase and five other cryptocurrency platforms from offering unlicensed services within Kazakhstan’s Astana International Financial Centre.

Meanwhile, investors are preparing for Coinbase’s October 29 earnings announcement, which could clarify trading revenue and operating expenses.

Kazakhstan Court Restricts Coinbase and Five Crypto Exchanges

The Astana International Financial Centre (AIFC) Court has restricted Coinbase and five other exchanges from providing unlicensed cryptocurrency services. The court ruling also covers BingX, Bitcoin.com, HTX, BitMart and WEEX.

The restrictions prevent these platforms from offering or advertising unauthorized crypto services within the financial center. They also cover mobile applications used to provide those services to customers in the AIFC.

However, the decision does not amount to a nationwide ban on Coinbase or the other exchanges. The financial center operates under separate regulations, and companies must obtain authorization before serving customers within its jurisdiction.

Since 2025, the Astana Financial Services Authority has been conducting research into unlicensed platforms and has warned over 20 operators. The regulator subsequently took action in court following the failure of a number of companies to respond to its concerns.

LBank was initially included in the proceedings but was removed after taking steps to restrict unauthorized access. The other six platforms continued to be under the Court’s orders.

COIN Stock Attempts Recovery Following Recent Losses

Coinbase shares traded near $169.70 on Tuesday, gaining approximately 0.74% after closing Monday at $168.45. The modest recovery followed two losing sessions that pushed the stock below $175.

The stock’s weakness also comes as cryptocurrency companies prepare to report third-quarter financial results. Moreover, a previous COIN stock forecast has analyzed investor sentiment towards the exchange following the drop in cryptocurrency prices.

Subsequently, more details on trading revenue and expenses are expected to be available to investors when Coinbase reports its third-quarter results on Oct. 29.

Citi Raises Coinbase Price Target to $230 Despite Stock Weakness

Despite the recent decline, Citi analyst Peter Christiansen raised Coinbase’s price target from $210 to $230 while maintaining a Buy rating. The bank referred to the improvement in the conditions for digital asset companies ahead of the third-quarter earnings season.

Citi also noted that tokenization and infrastructure in the cryptocurrency market are among the factors that bolster its long-term perspective. The updated target, as a result, indicates roughly a 35.5% surge from COIN’s recent trading level of $169.70.

On the other hand, other analysts have also adjusted their predictions ahead of Coinbase earnings. Morgan Stanley now rates COIN an Equal Weight and upped its price target to $258 from $250.

The differences in the ratings are due to differences in expectations about the valuation of Coinbase and its future earnings. Nevertheless, the overall trend on Wall Street is bullish, with analysts predicting recovery in the coming year.

Meanwhile, the 30 Wall Street analysts who currently cover COIN have an average 12-month stock price target of $206.46, according to TipRanks data. The price range is estimated at $100-$330, suggesting that it could appreciate by 20.77% from the current price of $170.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency-related equities involve market volatility, regulatory uncertainty and potential capital losses. Investors should conduct independent research and consult a qualified financial adviser before making investment decisions.