JPMorgan Upgrades $COIN to Overweight from Neutral, Raises PT to $404.00 from $342.00 Analyst comments: "We are upgrading Coinbase to Overweight as we look ahead to emerging monetization opportunities and abating risks at what we see as an attractive valuation versus cryptocurrency peers. In particular, we call out two opportunities we see Coinbase as exploring, which could be meaningful to Coinbase equity value. We see Coinbase exploring a Base token, which we believe could accelerate the growth of development on the Base blockchain while enabling Coinbase to equitize the success in what is the largest Layer 2 on multiple metrics. We also see Coinbase further exploring its USDC payouts. We currently estimate Coinbase pays in excess of $1.00 per share (excluding the higher payout for Coinbase One accounts, which we expect will persist), indicating that client segmentation could be substantially additive to EPS should Coinbase choose to move in this direction. We are launching our 2027 estimates and establishing a December 2026 price target of $404." Analyst: Kenneth Worthington