Wall Street analysts raise Coinbase price target on diversification efforts

Wall Street firms Benchmark and JPMorgan have raised their outlook on Coinbase, arguing that the market has not yet fully priced in the company's recent major updates, such as the introduction of stock trading support. According to The Block, Benchmark maintained its Buy rating for Coinbase and raised its price target to $421. The firm stated that Coinbase's product demonstration indicates a shift from simple marketing to a clear execution roadmap, showcasing its potential to diversify revenue beyond crypto spot trading. JPMorgan assigned an Overweight rating to the company, assessing that the latest updates significantly expand the user experience. The bank emphasized that the announcement was notably aimed at customers rather than investors, predicting that higher user engagement will create more significant revenue opportunities in the future.