4 months ago
The broker raised its Coinbase terms people to $475 from $400 portion maintaining its marketplace outperform standing connected the stock.
Feb 14, 2025, 10:06 a.m. UTC
Coinbase (COIN) finished 2024 with precise beardown concern momentum arsenic sentiment astir the wider integer plus manufacture improved, broker JMP said successful a probe study connected Thursday aft the crypto exchange's 4th fourth results.
JMP raised its Coinbase terms people to $475 from $400 and reiterated its marketplace outperform rating. The shares dropped 1.3% to $294.30 successful aboriginal trading, aft rising 8.4% connected Thursday.
Wall Street whitethorn beryllium underestimating the company's prospects, JMP said.
"You ain't seen thing yet," analysts led by Devin Ryan wrote, and if the "transaction gait continues, 1Q25 revenues would transcend existent Street statement by astir 30%."
There is simply a "seismic shift" happening successful the industry, the study said, and the crypto exchange's affirmative momentum doesn't bespeak immoderate of the changes that are inactive yet to come.
JMP expects immense maturation for Coinbase and estimates that the institution volition beryllium multiples of its existent size successful the coming 5 years.
"The regulatory and legislative backdrop is present supportive for the adjacent section of crypto," the study added.
Read more: Coinbase Posts $2.27B successful Q4 Revenue, Blowing Through $1.84B Estimate
Will Canny
Will Canny is an experienced marketplace newsman with a demonstrated past of moving successful the fiscal services industry. He's present covering the crypto bushed arsenic a concern newsman astatine CoinDesk. He owns much than $1,000 of SOL.
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