Bank of America raises Coinbase stock rating to "Buy"

Bank of America has upgraded Coinbase's rating to "Buy," citing reasons such as accelerated product expansion, strategic adjustments, and a more attractive current valuation.

BofA noted that Coinbase's stock price has pulled back about 40% from its July peak, but product momentum is improving in the second half of the year. BofA emphasized that Coinbase is accelerating its efforts in stocks, ETFs, and prediction markets; its Layer 2 network, Base, is seen as a key infrastructure-level growth engine; meanwhile, Coinbase Tokenize is expected to be an important catalyst for the tokenization of real-world assets (RWA). With the price-to-earnings ratio declining about 40% from mid-2024 levels, BofA reiterated its $340 price target for Coinbase, implying about 38% upside, and believes Coinbase has a long-term industry leadership position as it moves toward 2026.