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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.
COIN's (COIN) intraday upswing comes despite modest selling pressure seen in bitcoin (BTC-USD -0.3%) and other major cryptos. Over the past year, COIN is off a whopping 71%, while bitcoin dips 25%.
Competitors of Coinbase (COIN) include: Gemini, Kraken, Binance, Crypto.com (CRO-USD), FTX, Currency.com Global Tech Industries (OTCQB:GTII) and Robinhood Markets (HOOD).
See why SA contributor Dilantha De Silva views Coinbase stock as a Buy.