Coinbase Global (NASDAQ:COIN) doesn't require an investor to bet on any particular application of crypto, MoffettNathanson analyst Lisa Ellis said in an interview with Yahoo Finance. She has a Street high price target of $600 on the stock, twice that of the $300 average. Because the company provides the infrastructure layer for the crypto economy, "you don't have to believe in any particular application in crypto — it can be trading and investment, it can be payments, it can be NFTs, it can be cross-border transactions — if you believe in the future of the technology, and we do, Coinbase (COIN) is the leading Western, regulated on-ramp and off-ramp into the crypto economy," she said. "If you have a multiyear timeframe, this is an extremely unique attractive stock" that's trading at less than 5x forward revenue, or about half the valuation of a growth stock like Shopify (SHOP), she added.
