Mizuho raises Coinbaseto $267 on July volume rebound, but still prefers Robinhood

Mizuho Securities analysts expect Coinbase shares to decline, but they don't expect the drop to be as drastic. The analysts raised their shareprice for COIN from $217 to $267 based on robust trading volumes in July.

"While trading volumes were underwhelming this quarter, July has seen a rebound, with management highlighting that transaction, reflecting improving market activity," the analysts wrote in a Tuesday note, which also maintained a "neutral" rating on the stock.

Despite Mizuho adopting a rosier outlook for Coinbase, itsof $267 puts it below where it was on Tuesday. Coinbase's stock was changing hands at $297.87 in after-hours trading, according to TradingView.

Last week, Coinbase reported earnings for the second quarter of this year. The crypto trading platform said consumer spot trading volume declined 45% when compared to the previous quarter. Total transaction revenue also fell 39% quarter-on-quarter.

Coinbase earned a net income of $1.43 billion during the fiscal period, compared to $66 million last quarter and a mere $36 million in the year-ago period. Trading volumes came in at $237 billion during the second quarter, compared to $226 billion during the same period in 2024.

"Overall, we remain on the sidelines on COIN as we prefer the more diversified portfolio of [Robinhood] with lower pricing and more growth opportunities outside of crypto," the Mizuho analysts wrote. "However, with reinvigorated July volumes and solid SaaS revenues, we are raising our FY26E."

Mizuho's analysts, who prefer Robinhood's investment prospects, expect the trading platform will be able to steal customers from competitors like Coinbase while growing its international user base with tokenized U.S. securities.