📈 American Banks Boost Coinbase's Stock Outlook

Two #major American banks have recently improved their outlook on Coinbase, the leading #crypto exchange in the United States. Bank of America raised its price target for Coinbase's stock (COIN) to $340, a 41% increase from current levels. This decision was influenced by several key factors that could enhance COIN's value in the near future. Bank of America highlighted Coinbase’s strategic #move towards becoming an "everything exchange" by incorporating stock #trading and #prediction markets. $COIN detailed its #expansion into stock/ETG #trading and #prediction markets for the first time. This supports its objective of becoming the everything exchange, said the bank. Bank of America also suggested that the anticipated #launch of a native token for Base, Coinbase’s #Ethereum layer two chain, could serve as a #bullish catalyst. Analysts noted that a native token #launch would incentivize builders, creators and early adopters and could raise billions in cash for the company. Goldman Sachs also upgraded $COIN from neutral to "Buy," expressing increased #optimism about the #crypto market. The bank echoed Bank of America’s views on Coinbase's #expansion into new services beyond #crypto trading. It emphasized the exchange’s #shift towards growing products like tokenization and #prediction markets. Despite these upgrades, $COIN was #trading just above $240, down over 46% from its all-time high. However, both banks see #Coinbase as a long-term leader in the #crypto space and a trusted #platform with the #1 market share in the U.S. as the world continues to adopt #crypto technologies. #CryptoRecovery
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