BofA Sees Long-Term Upside in Coinbase Global (COIN) Despite Near-Term Crypto Volatility

Core Viewpoint - Coinbase Global Inc. is viewed positively by analysts following a significant stock pullback, with BofA upgrading its rating to Buy and maintaining a price target of $340, despite a 40% decline since its July peak [1][2]. Group 1: Analyst Ratings and Market Sentiment - BofA upgraded Coinbase's stock rating from Neutral to Buy, citing the recent price drop as a result of a crypto-led correction rather than company-specific issues [1][2]. - Barclays, on the other hand, maintained a cautious stance with an Equal Weight rating and reduced its price target from $291 to $258, highlighting potential headwinds such as lower trading volumes and continued volatility in crypto asset prices [4]. Group 2: Company Developments and Market Positioning - Coinbase has expanded its offerings to include stock and ETF trading, as well as entry into prediction markets, which supports its strategy to become an "everything exchange" and allows for cross-selling opportunities [3]. - The total addressable market is expanding, and the pace of feature rollouts is increasing, indicating that Coinbase is strengthening its strategic positioning amid market volatility [2]. Group 3: Upcoming Financial Reporting - Coinbase is set to report its Q4 results in the third week of February, with a favorable consensus among analysts, as nearly two-thirds rate it as a Buy, projecting a one-year upside of nearly 55% [5].