Goldman Says The Crypto Recovery Has Started – Just Not For These Two Stocks

• Goldman Sachs cut its price target on eToro and Galaxy Digital, keeping ‘Neutral’ ratings on both stocks.
• Both targets still sit above where the shares trade, implying about 11% upside for eToro, and 9 % for Galaxy.
• While Bitcoin traded near the $83,000 range, Goldman Sachs expects revenues for crypto firms to rise.

Goldman Sachs lowered its price targets on eToro (ETOR) and Galaxy Digital (GLXY) on Wednesday, even as it told clients that crypto revenues were turning higher for the first time in nearly a year.

The bank cut its target on eToro, the retail trading platform, to $29 from $34 and on Galaxy Digital to $24 from $28, according to TheFly, keeping ‘Neutral’ ratings on both. Both targets still sat above where the shares traded. 

From Tuesday’s close of $26, Goldman's sees an 11% upside for eToro’s stock, whereas at a $22 close, Galaxy's upside to Goldman's target stands at about 9%. 

ETOR stock fell about 3% during midday trade. On Stocktwits, retail sentiment around ETOR moved to ‘bullish’ from the ‘extremely bullish’ zone, while chatter around it stayed at ‘high’ levels over the past day.

GLXY stock lost roughly 4% during midday trade. On Stocktwits, retail sentiment around GLXY moved to ‘neutral’ from the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

Goldman Sees Crypto Recovery Splitting Firms From Retail Brokers

The reasoning behind both cuts was the same –improvement in the crypto market that wasn’t reaching Galaxy and etoro. 

The firm said that market capitalizations and trading volumes have stabilized, and crypto revenue estimates were inflecting higher for the first time since the fourth quarter of 2025.

However, “revisions remained bifurcated,” the bank said, “between firms benefiting from the pickup in crypto activity and retail brokers facing weaker trading volumes.” 

The dividing line in the new price targets left Goldman more positive on the sector and less positive on these two names within it. The firm’s notes pointed to a broader reset of targets across the group rather than calls specific to either company.

This comes as Bitcoin (BTC) traded near the $83,500 level. On Stocktwits, retail sentiment around BTC dropped to the ‘bearish’ zone from the ‘neutral’ zone, while chatter around it stayed at ‘low’ levels over the past day.

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