Overview
- JPMorgan lifted Coinbase from Neutral to Overweight and increased its price target to $404, citing new revenue levers and a lower risk profile.
- Coinbase shares jumped after the call, trading between roughly $333 and $350 and rising as much as about 9% intraday, according to market data reports.
- Analysts flagged a potential token for Base as an unconfirmed but sizable opportunity, estimating a $12 billion to $34 billion market with up to $12 billion possibly accruing to Coinbase.
- JPMorgan said concentrating USDC yields in the Coinbase One subscription could add roughly $1 per share in annual earnings by segmenting rewards to higher‑value users.
- The bank argued Coinbase’s integrated brokerage, exchange, custody and market‑making model can withstand fee pressure from DEXs, as investors also eye Oct. 30 earnings and bipartisan movement on market‑structure legislation.