Bank of America has upgraded Coinbase to a "Buy" rating, setting a price target of $340. The upgrade is based on Coinbase's accelerated product expansion and strategic adjustments, alongside a more attractive valuation. The stock has declined about 40% from its July peak, but product momentum is improving, particularly in the second half of the year. Morgan Stanley highlighted Coinbase's expansion into stocks, ETFs, and prediction markets, with its Layer 2 network, Base, identified as a significant growth engine. Additionally, Coinbase Tokenize is expected to drive the tokenization of real-world assets. With a price-to-earnings ratio down approximately 40% from mid-2024 levels, Morgan Stanley sees a 38% upside potential, affirming Coinbase's long-term industry leadership as it approaches 2026.