Coinbase Shares Have Potential for Almost 30% Upside in New Analyst Coverage

Coinbase shares may reach $300, representing almost 30% upside, according to a new research report from JMP Securities, which rates the crypto exchange a market outperform.

“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,” JMP analyst Devin Ryan wrote in a note.

Coinbase has a competitive advantage as a “first mover” in the crypto space and even with 68 million users the company has only reached a small portion of its long-term addressable market, according to the report.

Wrote Ryan:

Earlier this month, Piper Sandler analyst Richard Repetto defended Coinbase after a selloff in the shares following news of a Wells notice from the U.S. Securities and Exchange Commission (SEC) concerning a potential lending product that was subsequently scrapped.

Coinbase shares have fallen about 7% since the exchange’s direct listing in April.

Read more: Coinbase’s SEC Kerfuffle Is Dragging Down COIN’s Price: Piper Sandler Analyst