Coinbase’s Promising Outlook for 2024
Coinbase (COIN) concluded 2024 with remarkable business momentum, bolstered by a revitalized sentiment surrounding the broader digital asset industry. In a recent research report released on Thursday, brokerage firm JMP highlighted the crypto exchange’s robust performance following its fourth-quarter results.
JMP has raised its price target for Coinbase to $475, up from a previous target of $400, while maintaining its market outperform rating. In early trading, however, Coinbase’s shares experienced a slight decline of 1.3%, settling at $294.30, despite a significant rise of 8.4% the previous day.
Analysts at JMP believe that Wall Street may be undervaluing Coinbase’s future potential. “You ain’t seen nothing yet,” stated analysts led by Devin Ryan, emphasizing that if the current transaction pace persists, first-quarter 2025 revenues could surpass existing Street consensus estimates by nearly 30%.
The report also noted a “seismic shift” occurring within the industry, suggesting that the positive momentum surrounding the crypto exchange does not yet fully account for forthcoming changes. JMP anticipates significant growth for Coinbase, projecting that the company will expand to multiples of its current scale over the next five years.
Moreover, the report concluded that “the regulatory and legislative backdrop is now supportive for the next chapter of crypto,” signaling an optimistic future for the digital asset landscape and Coinbase’s role within it.
