Fiscal services multinational Citi initiated coverage of United states crypto exchange Coinbase's stock (Coin) this week with a very bullish price target.

Citi analyst Peter Christiansen told investors they could "buy crypto'south general shop" in a research notation published on Tuesday. Citi has given COIN a bullish price target of $415, which is substantially higher than Mon's closing price of $319.

The analyst stated that the stock offers investors "direct exposure to increased retail and institutional adoption of cryptocurrencies."

The multinational banking behemothic sees the potential in Coinbase as the company makes continued efforts to aggrandize its operations across just a crypto exchange and into other areas such every bit (nonfungible tokens (NFT) and cold wallet storage.

The company accrued more than 1 1000000 applications for its NFT platform waiting list within a 24-hour interval or so of its proclamation on Oct. xiii. Christiansen recommended the company "for its position within the crypto value chain, a 'networking-based' business model and strategy, the undeniably very large opportunity set… yes, we believe COIN is investable."

He also considers Coinbase'southward "lean frontwards approach to regulatory compliance" a competitive advantage:

"To a degree, we think rising regulations could exist a positive for Coinbase'southward competitive positioning, particularly versus business models that predominantly rely on markets being unregulated."

Christiansen added that the stock is in place to make "higher highs and college lows" equally crypto asset adoption increases. U.Southward. investment banking concern Piper Sandler also raised its target price for the stock to $360.

Not every annotator is on board, with JPMorgan's Kenneth Worthington raising his toll target on Coin only slightly to $375 from $372. However, Lisa Ellis, senior equity analyst at MoffettNathanson, said Money was a "must-own stock" that could go to $600 in light of its recent partnership with Facebook on its Novi crypto wallet.

Coinbase went public in April with an opening initial public offering price of $381, surging to a peak of $430 on the twenty-four hour period earlier retreating. COIN hit a monthly high of $326 on Monday this week but has fallen four.3% since to an subsequently-hours trading price of $312, co-ordinate to MarketWatch.

Related: Reports suggest that a mainstream tech giant holds shares of Coinbase stock

Soon after it was listed, reports emerged that Coinbase insiders and executives had begun dumping the stock. The company made around $i.6 billion in profits in Q2, a large portion of which had come from its college-than-industry average transaction fees. The Q3 report comes out on Nov. 9.

In August, CNBC Mad Money host Jim Cramer recommended Coinbase stock, suggesting investors classify 5% of their portfolios to crypto avails.