Bank of America Says Coin a Buy and Could Rise 38%
Bank of America upgraded Coinbase to a 'buy' rating, projecting a 38% stock price increase to $340.Summary
Bank of America (BofA) upgraded Coinbase stock from "neutral" to "buy," joining Goldman Sachs in showing positive sentiment this week. BofA cited Coinbase's leading role in bringing the financial system on-chain, its expansion into tokenizing real-world assets, and its move into prediction markets, positioning it as an "everything exchange" for a "new financial system."
BofA analysts believe Coinbase shares (COIN) could rise approximately 38% from current levels to reach $340, driven by reversing short interest and easing tax-loss harvesting pressure. They are also bullish on the potential launch of a token for Coinbase's Ethereum layer-2 network, Base, which they expect could raise billions and boost decentralized finance development.
The bank views Coinbase as the trusted platform with the top US market share, making it an ideal partner for traditional finance (TradFi). However, BofA noted potential obstacles, including the possible return of Binance to the US market and further crypto price corrections.
(Source：Cointelegraph)