Argus cuts Coinbase to 'hold' on expectations of high expenses, slower growth

Argus Research downgrades crypto trading exchange Coinbase COIN.O to "hold" from "buy"

Shares of COIN fall 1.8% to $251.21 premarket

Brokerage believes the stock price already discounts much of the good news, despite being added to the S&P 500 and strong recent results

Argus expects slower growth and cuts its 2026 EPS estimate to $6.55 from $9.56, and its long‑term earnings growth forecast to 10%

"Management spends aggressively on R&D and acquisitions, and we expect recent investments to raise expenses over the coming quarters," Argus Research says

23 of 38 brokerages rate the stock "buy" or higher, 14 "hold" and 1 "sell" or lower; their median PT is $400 - data compiled by LSEG

As of last close, COIN stock is up ~3.1% YTD