Coinbase upgraded to Buy at BofA on increased product velocity

As previously reported, BofA upgraded Coinbase (COIN) to Buy from Neutral with an unchanged price target of $340. The stock is off 40% from its July highs, but under the surface of the Q4 crypto correction the company’s product velocity has increased and its total addressable market expanded in parallel, the analyst tells investors. Coinbase last month detailing its expansion into stock/ETF trading and prediction markets for the first time supports its objective of becoming the “everything exchange” and cross-selling more products to its existing users, the analyst added.