Bank of America Upgrades Coinbase Rating to 'Buy' Bank of America has upgraded COIN to a 'Buy' rating, citing accelerated product expansion, strategic shifts, and more attractive valuations. They noted that Coinbase has pulled back about 40% from its July highs, 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 serving as a key driver of infrastructure growth. Additionally, Coinbase's tokenization efforts are set to become a catalyst for real-world asset tokenization. With the price-to-earnings ratio down about 40% from mid-2024 levels, Bank of America reaffirmed its $340 price target, implying an upside of approximately 38%, and believes Coinbase is on track to become a long-term leader by 2026.