Bank of America Upgrades Coinbase to "Buy"

Bank of America has upgraded $COIN to a buy rating, citing accelerated product expansion, strategic shifts, and a more attractive valuation. It noted that Coinbase has pulled back about 40% from its July peak, while product momentum is improving in the second half of the year.

Coinbase is expanding into stocks, ETFs, and prediction markets, with its Base Layer 2 network being a key driver of infrastructure growth, while Coinbase's tokenization is set to become a catalyst for the tokenization of real-world assets.

With the price-to-earnings ratio declining by about 40% from mid-2024 levels, Bank of America reiterated its target price of $340, implying an upside of approximately 38%, and believes that Coinbase will become a long-term leader as it approaches 2026.

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