Coinbase (COIN) stock was trading higher in the pre-market trading session after a BofA Securities analyst upgraded the stock to Buy from Hold, with a price target of $340. The move signals confidence in the crypto platform’s long‑term growth story.
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BofA noted that Coinbase is still down roughly 40% from its July highs, but the firm believes the recent crypto slump has hidden the real progress the company has been making.
According to BofA’s note, Coinbase’s “product velocity” has accelerated even as the broader market cooled, and its total addressable market has expanded alongside it.
New Products Signal a Bigger Ambition
A key driver behind the upgrade is Coinbase’s push beyond its traditional crypto roots. At its December 17 product showcase, the company disclosed plans to offer stock and ETF trading, along with prediction markets, marking the first time it has stepped directly into these categories.
The firm said these additions support COIN’s broader goal of becoming an “everything exchange,” a platform where users can trade a wide range of assets under one roof. The strategy also opens the door for more cross‑selling opportunities, allowing Coinbase to deepen engagement with its existing user base.
Is COIN Stock a Buy, Sell, or Hold?
Overall, Wall Street has a Moderate Buy consensus rating on Coinbase Global stock based on 16 Buys, eight Holds, and one Sell recommendation. The average COIN stock price target of $361.63 indicates 47.05% upside potential.
