Cryptocurrency exchange Coinbase (NASDAQ:COIN) exploded out of the gate, with the company achieving a valuation of $104 billion at one point. While the stock now trades at $342, one analyst think it could see higher highs on the heels of the red-hot cryptocurrency boom. In fact, Moffett Nathanson analyst Lisa Ellis, as noted by Yahoo Finance, says the “must own” stock could hit $600 a share long-term.
“We are positive on the outlook for cryptocurrencies as a massively disruptive technology,” Lisa Ellis added. “Coinbase, as the only U.S.-listed large-cap stock and the market leader in the space, is really a must-own asset if you’re a growth or tech oriented [investor] with a multiyear time horizon. “With Coinbase, because of their tie to the crypto markets, it’s going to be a bumpy ride. You have to have a strong stomach, you have to be willing to kind of gut your way through what is likely to be these peaks and valleys.”