Street Calls of the Week
Investing.com - JPMorgan has upgraded Coinbase Global Inc. (NASDAQ:COIN) from Neutral to Overweight and raised its price target to $404.00 from $342.00. The cryptocurrency exchange, currently trading at $322.76 with a market capitalization of $82.93 billion, has demonstrated strong performance with a 60.65% return over the past year.
The upgrade comes as JPMorgan sees emerging monetization opportunities and decreasing risks at what it considers an attractive valuation compared to cryptocurrency peers. According to InvestingPro analysis, Coinbase maintains a healthy financial position with a "GOOD" overall health score, though current valuations suggest the stock may be trading above its Fair Value.
The firm specifically highlighted two potential opportunities that could significantly impact Coinbase’s equity value, including the possibility of Coinbase exploring a Base token, which could accelerate development growth on the Base blockchain while allowing Coinbase to benefit from the success of what JPMorgan describes as the largest L2 on multiple metrics.
JPMorgan also noted Coinbase’s exploration of USDC payouts, estimating the company currently pays in excess of $1.00 per share (excluding higher payouts for Coinbase One accounts), suggesting that client segmentation could substantially add to earnings per share if Coinbase pursues this direction.
The firm established a December 2026 price target of $404 while introducing its 2027 estimates for the cryptocurrency exchange.
In other recent news, Coinbase Global Inc. announced the acquisition of Echo, a platform specializing in community-driven investing and fundraising for cryptocurrency projects. This move allows Coinbase to broaden its offerings into early-stage fundraising and private token sales, with Echo having facilitated over $200 million in fundraising since its inception. In a separate development, Coinbase introduced new business payment tools using the USDC stablecoin, which are designed to streamline cross-border payments with lower fees and instant settlement.
Analyst firms have weighed in on these developments, with Barclays maintaining its Equalweight rating on Coinbase, emphasizing the potential of the Echo platform. Compass Point raised its price target for Coinbase to $277 from $248, citing a rally in cryptocurrency prices, but maintained a Sell rating. Meanwhile, Raymond James reiterated its Market Perform rating, highlighting the uneven cryptocurrency market conditions. These recent developments indicate a period of strategic expansion and analyst interest in Coinbase’s evolving business model.
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