JPMorgan upgraded Coinbase stock from neutral to overweight and raised its price target from $342 to $404 on October 24, CNBC reported. Analyst Kenneth Worthington cited potential catalysts including a possible Base token launch, which the firm projects could reach a market capitalization between $12 billion and $34 billion. The bank also highlighted Coinbase's efforts to monetize USDC through its Coinbase One subscription service, which offers benefits such as subscription-based trading fees and enhanced USDC yields. JPMorgan's $404 target reflects a 50x price-to-earnings ratio applied to competitors Circle and Bullish, combined with Base token valuation, corresponding to Coinbase's projected 2027 earnings.