Piper Sandler rates Coinbase stock as “overweight”

Investment firm Piper Sandler has given Nasdaq-listed Coinbase Global (COIN) an "overweight" rating, saying the cryptocurrency trading company will remain a leader in the fast-growing crypto industry. The analyst set a price target of $335 per share for COIN.

Piper Sandler Wall Street analyst Richard Repetto highlighted in a note to clients that the firm continues to expand its market share in the cryptocurrency space despite the rapid growth of the industry.

“In our view, COIN is the largest asset class in the crypto space, an asset class we believe has the potential to reshape financial services and its underlying technology,” the report said.

“As COIN continues to add assets to the platform, further cryptocurrency adoption by verified users, and increased market share, we believe Coinbase’s revenue potential in an optimal operating environment increases and improves their operating floor in a depressed, volatile market,” Repetto said.

According to Bitpush, Coinbase's shares began trading directly on the Nasdaq on April 14. Investment bank BTIG gave Coinbase (stock code: COIN) an initial "buy" rating with a target price of $500.

Analysts Mark Palmer and Andrew Harte consider Coinbase to be the “gold standard among digital asset exchanges” and are poised for continued rapid growth as the industry’s ecosystem expands and institutional adoption increases.

The exchange raised its annual forecast range for active users on Thursday while announcing first-quarter results and plans to offer Dogecoin trading in the next 6-8 weeks.

Coinbase Chief Financial Officer Alesia Haas said in an interview that usually the first currency people are interested in is Bitcoin. Over time, more and more users are participating in more crypto assets.