Coinbase has 29% upside as the exchange is the ‘flagbearer’ of the crypto economy, JMP says

Coinbase has 29% upside as the exchange is the ‘flagbearer’ of the crypto economy, JMP says

Stock has 29% upside from its current price as the "flagbearer" of the cryptocurrency economy since both the company and the industry are still in the early innings of their growth cycles, JMP Securities said in its of the stock Tuesday. Shares of the largest US crypto exchange, rated at market outperform, will reach $300, according to analysts Devin Ryan and Brian McKenna. Coinbase is trading 1.26% lower to $229.32 as of 1:19 p.m. ET Tuesday. "Coinbase is a flagbearer in the development of the broader crypto economy, and we expect it will remain a leader in the industry for years to come," they said. The firm, during its second-quarter earnings, said it aspires to become the "Amazon of assets," which the JMP analysts said is a fitting analogy. "Amazon was able to take its tech and operational expertise, and employ that into adjacent markets over time," they noted. "Amazon's advantage was in leveraging its leading scale, networks and logistics chains, and overall expertise and experience, which created value in these new markets as well." Here are three reasons why JMP sees Coinbase's stock continuing its rise: The analysts said the fate of Coinbase is tied directly to that of