Coinbase could see major gains ahead, according to William Blair. The firm initiated shares of the cryptocurrency exchange with an outperform rating. While analyst Andrew Jeffrey did not give an exact price target, he said Coinbase has around 70% upside. That would put the stock at roughly $433.40 (It closed at $254.94 on Tuesday). Jeffrey said he believes the stock “should experience meaningful multiple expansion” as Coinbase diversifies its business model. Increasing regulatory clarity should also be a tailwind for the company, as President Donald Trump has thrown his support behind the industry. “We believe this time on the fringe is ending, replaced by an era of consistent regulation and expanding use-cases with the ultimate potential to supplant the traditional global financial system,” Jeffrey wrote. “Although many ecosystem participants should benefit, we believe Coinbase’s leadership creates an inherent advantage, and we view it as the best way for growth investors to participate in a crypto renaissance.” In particular, the analyst is bullish on Coinbase’s products including its self-custody wallet and services offerings, which include stable coins. He added that long-term investors should also consider owning the stock due to subscription revenue growth. “Taken together, we believe these solutions constitute the most comprehensive crypto services portfolio, underpinned by security and trust,” he said. “These are essential prerequisites for building an onchain economy, in our opinion, which at its best could supplant traditional financial institutions for lending, borrowing, money movement, yield, and other transactions.” COIN YTD mountain COIN YTD chart Analysts overall are split on Coinbase, however. Of the 31 analysts covering the stock, 16 have a hold rating, while another 15 rate it a buy or strong buy.