Coinbase (Coin) finished 2024 with a very strong impulse of business, because the feeling of the larger digital asset industry has improved, said the JMP broker in a research report Thursday after the fourth quarter of Crypto Exchange.
JMP increased its Coinbase price target to $ 475, compared to $ 400 and reiterated its market outperformance rating. The shares dropped 1.3% to $ 294.30 at the start of negotiations, after an increase of 8.4% on Thursday.
Wall Street can underestimate the company’s prospects, said JMP.
“You have not seen anything yet,” wrote the analysts led by Devin Ryan, and if the “transaction rate continues, the 1T25 revenues would exceed the consensus of the current street of almost 30%”.
There is a “seismic change” in the industry, according to the report, and the positive momentum of the exchange of crypto does not reflect some of the changes which are not yet to come.
JMP expects enormous growth for Coinbase and believes that the company will be multiple of its current size over the next five years.
“The regulatory and legislative context is now favorable to the next chapter of the crypto,” added the report.
Read more: Coinbase publishes $ 2.27 billion in turnover of the fourth trime
