BofA upgrades Coinbase to Buy, sets $340 price target

Bank of America (BofA) has upgraded its investment rating on Coinbase from Neutral to Buy, Walter Bloomberg reported. The bank also set a price target of $340 for the company. BofA stated that key drivers for the upgrade include Coinbase's entry into ETFs and prediction markets, along with the infrastructure growth of its proprietary Layer 2 network, Base. The bank added that Coinbase Tokenize, its real-world asset tokenization platform, will likely act as a medium- to long-term growth catalyst.