Coinbase upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Coinbase (COIN) to Overweight from Neutral with a price target of $404, up from $342. The shares trade at an attractive valuation versus Coinbase’s cryptocurrency peers into the company’s :monetization opportunities and abating risks,” the analyst tells investors in a research note. The firm expects Coinbase to explore a Base token, which it sees accelerating the growth of development on the Base blockchain. JPMorgan also sees Coinbase further exploring its USD coin payouts. This two moves “could be meaningful to Coinbase equity value,” says the firm.