JPMorgan upgrades Coinbase, says stock still cheap despite 40% rally this year

Group 1 - Coinbase shares have increased by approximately 10% following JP Morgan's upgrade to overweight and a price target increase to $44, highlighting new opportunities and attractive valuation [2] - JP Morgan notes that Coinbase stock appears undervalued compared to other public crypto companies such as Circle and Bullish [2] - A significant catalyst for Coinbase's growth is its monetization of USDC, a dollar-backed stablecoin, from which it receives a substantial revenue share [3] Group 2 - By limiting yields for its Coinbase 1 subscribers, Coinbase could significantly enhance earnings and better monetize the stablecoin [3] - JP Morgan also sees potential upside in a native Coinbase token that could incentivize activity on its blockchain and drive growth [3] - Coinbase is in the process of applying for a bank charter to expand its payments business [3] Group 3 - Year-to-date, Coinbase shares have risen nearly 40% [4]