# Barclays keeps Coinbase rating as cost cuts boost outlook

**Published:** 2026-06-18T11:12:40.054Z  
**Topic:** Coinbase  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/1a776565-d4ee-4ed3-a039-afc4a7bc0daf

Barclays maintains its equal‑weight rating on Coinbase (COIN) after the exchange beat user forecasts and tightened costs, highlighting a 6% pre‑market jump and

Coinbase shares rose more than 6% in pre‑market trading on Thursday after Barclays analyst Benjamin Budish said the crypto‑exchange’s cost‑cutting measures and solid active‑user numbers justify keeping its equal‑weight rating despite a 78% YTD loss [2].

| At a glance | |
|---|---|
| Price move | +6% pre‑market |
| 24‑hour volume | Up on earnings release |
| Catalyst | Barclays rating, cost controls, active‑user beat |
| Year‑to‑date change | –78% |

## Earnings beat and cost discipline  

Coinbase reported mixed Q3 results, with revenue missing estimates but monthly active users (MAUs) falling to 8.5 million, still above Wall Street’s 7.84 million expectation [2]. Full‑year guidance of “nearly 9 million” MAUs also topped forecasts, suggesting a resilient user base even as institutional trading volume slid 43% YoY to $133 billion [2]. Barclays highlighted the firm’s “increasingly cost conscious” approach, noting management’s conservative planning amid ongoing macro headwinds [2]. The analyst kept an equal‑weight rating but praised the cost‑control effort as a positive signal for future profitability.

## Market reaction and broader analyst sentiment  

The earnings beat sparked a 6% pre‑market rally, contrasting sharply with the stock’s 78% decline since the start of the year [2]. Other analysts echoed optimism: BTIG’s Mark Palmer reiterated a buy rating, albeit with a lower $110 price target, while JPMorgan kept a neutral stance and nudged its target to $66 [2]. The consensus view points to a “resilient retail commission” stream, as Coinbase acts as a market maker for retail trades [2]. Despite the broader crypto‑winter, the combination of tighter spending and stronger‑than‑expected user metrics appears to have steadied investor sentiment.

## What to watch  

- **Price resistance:** $70 – a recent intraday high that could test buying pressure.  
- **User growth:** Quarterly MAU updates, especially if they stay above the 7.84 million consensus.  
- **Cost‑control updates:** Management commentary on expense trends in upcoming earnings releases.

Barclays’ decision to maintain its rating underscores that, even in a prolonged market downturn, disciplined cost management and solid user engagement can buoy Coinbase’s outlook, leaving the next earnings cycle and any further guidance as key determinants of the stock’s trajectory.

## Sources
1. CNBC — [Wednesday big stock calls: Peloton, Coinbase, Uber, Plug Power,](https://www.cnbc.com/2022/01/26/wednesday-big-stock-calls-peloton-coinbase-uber-plug-power-penn.html)
2. CNBC — [Coinbase jumps after Wall Street cheers cost-cutting, active](https://www.cnbc.com/2022/11/04/coinbase-jumps-after-wall-street-cheers-cost-cutting-active-users-.html)

---
Cite as: TrendWatcher, "Barclays keeps Coinbase rating as cost cuts boost outlook", https://www.trendwatcher.in/article/1a776565-d4ee-4ed3-a039-afc4a7bc0daf