Bank of America Upgrades Coinbase to "Buy" Rating with Target Price of $340

Odaily News Bank of America has upgraded Coinbase's rating to "Buy," citing reasons including accelerated product expansion, strategic adjustments, and a more attractive current valuation. Bank of America noted that Coinbase's stock price has retreated approximately 40% from its July high, but product momentum is improving in the second half of the year.

Bank of America emphasized that Coinbase is accelerating its expansion into stocks, ETFs, and prediction markets; its Layer 2 network Base is seen as a key infrastructure-level growth engine; meanwhile, Coinbase Tokenize is expected to become a significant catalyst for real-world asset (RWA) tokenization. With the price-to-earnings ratio declining about 40% from mid-2024 levels, Bank of America reiterated its $340 target price for Coinbase, implying approximately 38% upside potential, and believes Coinbase possesses long-term industry leadership as it progresses towards 2026.