JPMorgan (JPM) Upgrades Coinbase (COIN), Sees Potential $34 Billion Opportunity in Base Token
CoinDesk
JPMorgan upgraded Coinbase to overweight, citing a potential $34B opportunity from a Base token and enhanced USDC payouts.Summary
JPMorgan analysts upgraded Coinbase (COIN) from neutral to overweight and raised its price target to $404, driven by new monetization avenues and reduced risks compared to competitors. Key catalysts include the potential launch of a token for Coinbase's Layer 2 blockchain, Base, which JPMorgan estimates could result in a $12 billion to $34 billion market cap, potentially adding up to $12 billion in value to Coinbase. Additionally, the bank noted Coinbase's plan to offer 4% yields on USDC through its Coinbase One subscription, which could add about $1 per share in annual earnings. Despite competition from decentralized exchanges, JPMorgan believes Coinbase's integrated business model supports sustained profitability.
(Source：CoinDesk)