Deutsche Bank has rated Coinbase (COIN) for the first time, giving it a 'Buy' rating with a target price of $340, indicating an upside of about 40% for its stock price. The bank emphasized that Coinbase has transformed from a cryptocurrency exchange into a 'full-service exchange,' expanding its business to derivatives, tokenized stocks, and prediction markets. Its main growth drivers include the acquisition of Deribit, the launch of regulated U.S. futures, the increase in usage of the USDC stablecoin, and subscription services. Deutsche Bank expects these new revenue streams to begin making significant contributions starting in 2026, allowing Coinbase's revenue sources to move away from dependence on the volatile spot trading and supporting its adjusted EBITDA growth of over 20% next year.