JMP Securities says Coinbase is the key player in the creation of a new asset class and reminds them of Amazon’s building of the e-commerce economy decades ago. The firm raised its 12-month price target to $200 from $107. The new target represents 19% upside from Thursday’s $168.03 close. Coinbase stock has surged nearly 375% from the start of the year as bitcoin rebounded on the hopes for a exchange-traded fund to be approved soon. COIN YTD mountain Coinbase stock. Analyst Devin Ryan noted that while the firm doesn’t expect “smooth performance for the industry or the stock,” the analyst forecasts “that the industry is here to stay and will be much larger, with Coinbase continuing to operate at the forefront.” The bullish outlook and strong price target increase is tied to a view that Coinbase presents value beyond its standing as a large cryptocurrency exchange. “At this valuation, our analysis suggests that if investors were simply to value the company as an exchange business model in perpetuity, an argument can be made that the stock is ahead of itself,” Ryan said. “On the other hand, if looking at Coinbase as one of, if not the industry leader as an onramp into the digital asset economy, then the company should grow much more in line with the broader growth of the ecosystem, which we estimate could be 5x+ its current size over the next decade.” The analyst also drew a comparison to Amazon, specifically tying Coinbase’s ability to skate “to where the puck is going” when predicting and implementing innovation as the e-commerce behemoth did. “Coinbase is still quite early into its journey, but we see many of the same attributes in the firm’s story and mentality as were present in Amazon decades ago,” Ryan said. “We still believe the bigger opportunity over time is to continue to expand all of the ancillary areas that intersect with owning and selling digital assets, and more broadly, with the evolution of the digital asset ecosystem, which we estimate has the potential to eventually touch virtually every aspect of the economy.” — CNBC’s Michael Bloom contributed to this report.