Shares of centralized cryptocurrency exchange Coinbase Global (NASDAQ:COIN) are perking up nearly 4% in Thursday afternoon, as Cowen analyst Stephen Glagola starts coverage with an Outperforming rating.
Price target of $85 implies around 27% upside from Wednesday's close.
"We view COIN's security infrastructure and regulatory adherence as a structural advantage vs. top global competitors," Glagola wrote in a note.
Moreover, Coinbase's (COIN) market share of total trading volume has been grinding higher on a Y/Y basis. It took up 46% of total U.S. regulated centralized exchange spot volume as of 2021, up from 39% in 2020, Glagola estimated. Take a look at how Coinbase (COIN) recently became the first-ever crypto firm to join the Fortune 500 list of the largest U.S. firms by revenue.
See why SA contributor Dilantha De Silva views Coinbase stock as a Buy.