Goldman Sachs analyst James Yaro stated that cryptocurrency-linked stocks have become selectively attractive after falling 46% from their peak in October 2025.
The research note maintained buy recommendations for three stocks: Robinhood Markets (HOOD), Figure Technologies (FIGR), and Coinbase Global (COIN), all of which exhibit unique upside potential.
Valuation, close to historical lows
Yaro mentioned that this decline aligns with the average drop from peak to trough in past cryptocurrency cycles. While prices have been volatile in recent weeks, they have gradually stabilized, suggesting that forced selling pressures are easing.
"Overall, we believe that now is a more attractive entry point for the sensitive digital assets we cover." – Tradifa Media quoted Yaro's remarks.
Among the three stocks, Goldman Sachs lowered the HOOD price target from $102 to $91, and also reduced the COIN price target from $270 to $235.
On the other hand, FIGR raised its price target from $39 to $42. This implies an upside potential of about 35%. HOOD closed at $66.02 on March 28, and COIN at $161.14, both of which have seen significant declines this year.
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Robinhood recently approved a $1.5 billion stock buyback, demonstrating management's confidence in the current level.
Figure Technologies is a blockchain-based lender that has executed over $16 billion in on-chain home equity loans and is continuously expanding its capital markets.
Trading volume risk remains
Goldman Sachs warned that trading volume could decrease further until recovery. Yaro estimated that in the event of additional declines, revenues for these companies would drop by 2% and net profits by 4% in 2026. Historically, periods where trading volume bottoms out have typically lasted about three months.
This note evaluates that while the related sector has excessively declined, the risks have not been completely alleviated. Investors have entered a phase where prices are stabilizing, but they may face a period of sharp movements until trading volume and volatility recover.