Bank of America (NYSE: BAC) adjusted its outlooks on three major retail trading and crypto platforms in early October 2026, lifting targets on Robinhood Markets (NASDAQ: HOOD) and Coinbase (NASDAQ: COIN) while reducing its view on eToro Group (NASDAQ: ETOR) as the firms prepare to report third-quarter results.
The moves, detailed in a note from analyst Craig Siegenthaler and referenced by market services, formed part of a broader recalibration of estimates ahead of the earnings season.
Siegenthaler increased the price target on Robinhood to $156 from $140 and retained a Buy rating.
He similarly raised the target on Coinbase to $203 from $174, also keeping a Buy recommendation.
For eToro, the target was lowered to $39 from $46 with the Neutral rating left unchanged.
The analyst described the revisions as an exercise in refining forecasts before the companies release their latest quarterly figures.
Shares of Robinhood and Coinbase moved higher in early trading following the note, with Robinhood advancing roughly 1 percent and Coinbase climbing as much as 2.8 percent. eToro shares declined about 1.1 percent.
Over the preceding 12 months, Robinhood had fallen more than 20 percent, Coinbase had dropped nearly 50 percent, and eToro had declined close to 40 percent, reflecting the broader volatility in crypto-related equities.
Consensus estimates compiled by data providers called for Robinhood to report third-quarter earnings of $0.64 per share on revenue of approximately $1.4 billion.
The company has exceeded earnings-per-share expectations in each of its last 11 quarters, providing a consistent track record heading into the report.
The average analyst price target stood near $133, placing Bank of America’s $156 figure above the broader Wall Street consensus and signaling a relatively constructive stance.
Coinbase was expected to post a third-quarter loss of $0.20 per share on revenue of about $1.77 billion.
The exchange has missed earnings estimates in each of the prior three quarters, raising the stakes for its upcoming release.
The average analyst target hovered around $208, slightly above Bank of America’s revised figure.
Separate commentary linked the Coinbase upgrade in part to expectations of stronger stablecoin-related revenue following the Federal Reserve’s September 2026 rate increase, even as near-term trading volume forecasts were trimmed amid softer activity despite gains in Bitcoin and Ether during the quarter.eToro was projected to deliver third-quarter earnings of $0.40 per share on revenue of roughly $203 million.
Since listing, the company has matched or exceeded estimates in three of six quarterly reports and missed in the other three.
The average analyst target near $48 implied substantial upside from then-current levels around $26, though Bank of America’s $39 target and Neutral rating reflected a more cautious assessment.
Supporting details indicated reduced earnings estimates for 2026 through 2028, driven by lower anticipated contributions from equities, commodities, and currencies trading, a more modest valuation multiple reflecting subdued account growth expectations, and only partial offset from stronger crypto trading contributions.
These adjustments highlight divergent expectations among the platforms as they enter the reporting period. Robinhood enters with an extended streak of earnings beats, Coinbase faces scrutiny after recent shortfalls, and eToro draws a more reserved view centered on growth dynamics. Investors will scrutinize the actual results for confirmation of trading activity, revenue diversification, and progress against these updated forecasts.
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