Investment firm Piper Sandler has rated Nasdaq-listed Coinbase Global (COIN) stock as “overweight,” saying the cryptocurrency exchange company is still set to be a leader in the fast-growing crypto industry.
- Piper Sandler Wall Street Analyst Richard Repetto initiated coverage of COIN on Friday and in a note to clients highlighted the firm has continued to expand its market share in the crypto sector despite the industry growing dramatically, according to a CNBC report.
- “In our view, COIN is the most scaled play in the crypto space, an asset class that has the potential, in our view, to reshape financial services and the technology underpinning it,” said Repetto, the report said.
- The analyst set a price target of $335 per share for COIN, at the time of publication Friday the stock was trading up 0.16% at $265.52.
- “As COIN continues to grow its assets on platform and verified users count through (1) further adoption of crypto by the public and (2) increased market share, we believe Coinbase’s revenue potential has increased in optimal operating environments and raised their operating floor in subdued, non-volatile, markets,” said Repetto.
- The rating comes a day after the exchange boosted its year forecast range for active users while reporting Q1 results that matched the company’s previous guidance.
- On April 14, Coinbase’s shares started trading on the Nasdaq in a direct listing, with shares trading at $381 at launch.
Read more: Oppenheimer Rates Coinbase Stock as ‘Outperform,’ Sets Price Target of $434
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