BofA lifts Coinbase to buy with $340 target after 40% slide and rising crypto adoption

Bank of America has upgraded Coinbase shares to a buy rating and set a $340 price target after the stock dropped about 40% from its July peak near $420. The bank cited cheaper valuation, higher short interest, and growing revenues from infrastructure, derivatives and Base as potential cushions against volatile retail trading volumes. Analysts also argued that Coinbase could be a long-term winner as crypto adoption is still in its early stages and the exchange expands into new products and markets.