JPMorgan Upgrades Coinbase (COIN) to Overweight with $404 PT

Coinbase Global Inc. (NASDAQ:COIN) is one of the best up and coming stocks to buy right now. On October 24, JPMorgan analyst Kenneth Worthington upgraded Coinbase to Overweight from Neutral with a price target of $404, up from $342. The firm believes that Coinbase stock trades at a compelling valuation versus rivals. The expected exploration of a Base token to boost growth on the Base blockchain and further expansion of its USD Coin payouts are catalysts for the company.

JPMorgan Upgrades Coinbase (COIN) to Overweight with $404 PT

Furthermore, Coinbase’s launch of the Coinbase US Bitcoin Yield Fund is a notable recent development. The initiative is designed for accredited US investors and focuses on generating stable revenue streams that go beyond traditional spot trading. This addresses investor concerns about revenue diversification.

On the same day, Mizuho Securities analyst Dan Dolev also upgraded Coinbase Global to a Buy today and set a price target of $404.00.

Coinbase Global Inc. (NASDAQ:COIN) operates a platform for crypto assets in the US and internationally.

While we acknowledge the potential of COIN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COIN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.