Goldman Sachs upgrades Coinbase's rating from "Neutral" to "Buy," with a target price of $303, reflecting market recognition of its diversified business layout. Coinbase is accelerating its transition from relying on trading fees, with revenue from infrastructure-related businesses rising to 40%. Although the outlook is optimistic, Goldman Sachs remains cautious about its short-term profitability due to increased market competition and the impact of interest rates, which still pose challenges. 2026 will be a critical year for Coinbase's transformation.