JMP Securities Starts Coinbase Global Inc. (COIN) at Market Outperform
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(Updated - September 28, 2021 4:59 AM EDT)
JMP Securities analyst Devin Ryan initiates coverage on Coinbase Global Inc. (NASDAQ: COIN) with a Market Outperform rating and a price target of $300.00.
The analyst comments "We initiate coverage of Coinbase Global with a Market Outperform rating and $300 price target (~10.0x our 2022E EV/Revenue), representing 29% potential upside from the current price. Coinbase is a flagbearer in the development of the broader crypto economy, and we expect it will remain a leader in the industry for years to come. While Coinbase has experienced hyper-growth in recent years, reaching a point of scale that we argue creates competitive advantages, both the company and the crypto industry more broadly are still in the early innings of their growth cycles. The company's management has noted it aspires to become the “Amazon of assets,” an analogy that we explore further in this report, which also underscores the critical point that Coinbase is building a business well beyond a leading “crypto trading exchange.” With the company just scratching the surface of its long-term potential, in what we view as a rapidly growing and evolving addressable market, we see a compelling value proposition in COIN shares."
Shares of Coinbase Global Inc. closed at $232.24 yesterday.
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