Coinbase (COIN) finished 2024 with very strong business momentum as sentiment about the wider digital asset industry improved, broker JMP said in a research report on Thursday after the crypto exchange’s fourth quarter results.

JMP raised its Coinbase price target to $475 from $400 and reiterated its market outperform rating. The shares dropped 1.3% to $294.30 in early trading, after rising 8.4% on Thursday.

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

“You ain’t seen nothing yet,” analysts led by Devin Ryan wrote, and if the “transaction pace continues, 1Q25 revenues would exceed current Street consensus by nearly 30%.”

There is a “seismic shift” happening in the industry, the report said, and the crypto exchange’s positive momentum doesn’t reflect some of the changes that are still yet to come.

JMP expects huge growth for Coinbase and estimates that the company will be multiples of its current size in the coming five years.

“The regulatory and legislative backdrop is now supportive for the next chapter of crypto,” the report added.