Bank of America upgraded Coinbase Global Inc. (COIN) to a 'buy' rating, setting a $340 price target. This move signals growing Wall Street confidence, following a similar recent upgrade by Goldman Sachs.
The upgrade reflects a positive outlook on Coinbase’s strategic pivot. The company aims to diversify its business beyond cryptocurrency trading by transforming into a comprehensive financial hub, or an "everything exchange."
Analysts believe this strategy will create more stable revenue streams. Coinbase is expanding into staking services, institutional custody, and an NFT marketplace. This expansion is expected to reduce reliance on volatile trading fees and better hedge against market downturns.