Overview
- JPMorgan upgraded Coinbase from Neutral to Overweight and raised its price target to $404, citing new revenue levers and reduced perceived regulatory risk.
- Shares jumped on Friday, rising as much as about 9% intraday to roughly $353, according to market reports.
- The bank flagged a potential Base network token as a key upside, estimating a $12–$34 billion market value with $4–$12 billion potentially accruing to Coinbase; a token has not been confirmed.
- JPMorgan said Coinbase’s plan to segment USDC yields through Coinbase One could add about $1 per share in annual earnings, or roughly $374 million, depending on rates and adoption.
- CEO Brian Armstrong signaled bipartisan momentum on market‑structure legislation, and analysts expect Q3 results on Oct. 30 with forecasts around $1.06 EPS and $1.74 billion in revenue.