Deutsche Bank initiated coverage of Coinbase Global (COIN) on Wednesday. The bank assigned a 'Buy' rating and set a price target of $340 per share.
The positive outlook stems from Coinbase's strategy to evolve into a comprehensive "everything exchange." This evolution is expected to expand the company's market and diversify its product offerings.
Deutsche Bank noted that 2025 was a significant investment year for Coinbase. However, the bank believes the most intensive phase of investment has concluded. This positioning allows revenue to outpace expense growth under favorable market conditions.
The new rating provides a strong vote of confidence, contrasting with recent mixed analyst opinions. These opinions included downgrades and price target reductions from other firms.