Goldman Sachs analyst James Yaro told clients that crypto-linked equities look selectively attractive after falling 46% from their October 2025 peak.
The research note maintained Buy ratings on three names. Robinhood Markets (HOOD), Figure Technologies (FIGR), and Coinbase Global (COIN) each offer distinct upside.
Valuations Near Historical Trough Levels
Yaro noted that the current drawdown has roughly matched the average peak-to-trough decline seen in previous crypto cycles. Prices have shown volatile but stabilizing behavior over recent weeks, suggesting forced selling pressure may be easing.
“All in, we see an increasingly attractive entry point to our digital-asset sensitive coverage, albeit selectively, across the group,” a TradFi media reported, citing Yaro.
Among the three picks, Goldman cut its HOOD price target to $91 from $102 and lowered its COIN price target to $235 from $270.
However, it raised FIGR’s target to $42 from $39, implying roughly 35% upside. HOOD closed at $66.02 and COIN at $161.14 on March 28, both down sharply year to date.
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Robinhood recently approved a $1.5 billion share buyback, signaling management confidence at current levels.
Figure Technologies, a blockchain-native lender that originated over $16 billion in on-chain home equity loans, continues to expand its capital marketplace.
Volume Risk Remains
Goldman warned that trading volumes may still dip before recovering. Yaro estimated a further slump would trim 2026 revenue by 2% and profits by 4% for these companies. Historically, trough volumes last about three months before a meaningful rebound.
The note positions the sector as oversold but not risk-free. Investors face a window where prices may have stabilized, yet volumes and volatility could still deliver sharp swings before any sustained recovery takes hold.
