Coinbase (COIN) ended in 2024 with very strong business momentum when the mood of the wider digital asset industry improved, broker JMP said in a research report on Thursday after Crypto Exchange’s result of the fourth quarter.

JMP raised its Coinbase Price target for $ 475 from $ 400 and repeated its market expenses for an assessment of the market. The shares fell 1.3% to $ 294.30 in early trade after increasing 8.4% on Thursday.

Wall Street may be underestimating the company’s prospects, JMP said.

“You haven’t seen nothing yet,” wrote analysts led by Devin Ryan, and if the “transaction pace continues, the 1Q25 income would exceed the current street consensus by almost 30%.”

There is a “seismic shift” that happens in the industry, says the report, and Crypto Exchange’s positive momentum does not reflect any of the changes that have still come.

JMP expects tremendous growth for coinbase and estimates that the company will be multipla of its current size in the next five years.

“The regulatory and regulatory background is now supporting the next chapter of crypto,” the report added.

Read more: COINBASE POSTS $ 2.27B in Q4 income, blowing through $ 1.84b Estimate