BofA upgrades Coinbase after pullback, says crypto adoption still in ‘early innings’
Bank of America upgraded Coinbase stock to 'buy' citing product momentum and long-term adoption potential.Summary
Bank of America upgraded Coinbase stock (COIN) to a "buy" rating with a $340 price target, suggesting 38% upside from recent levels around $245. BofA analysts noted that the stock had fallen about 40% from its July highs despite Coinbase expanding products and markets, and that fading tax-loss selling pressure could amplify future gains. The upgrade is rooted in the view that crypto adoption is still in its "early innings," positioning Coinbase as a long-term beneficiary. Key growth drivers highlighted include expansion into stock and ETF trading, prediction markets, its Layer 2 blockchain Base, and the Tokenize platform for real-world assets. This upgrade follows similar bullish commentary from William Blair and Goldman Sachs.
(Source：The Block)