Coinbase wins Outperform rating at Piper on prime position in growing sector

Piper Sandler analyst Richard Repetto starts coverage of Coinbase Global (COIN) with an Outperform as he expects the company to build on its strong growth trajectory given its "trusted brand name and commanding position in the evolving cryptoeconomy."Sees ability to grow organically and through new product offerings supporting additional crypto assets.And sees positive industry trends supporting growth."In our view, COIN is the most scaled play in the crypto space, an asset class that has the potential, in our view, to reshape financial services and the technology underpinning it," Repetto writes in a note to clients.COIN shares gain 3.9% in premarket trading in the wake of its first earnings report since its direct listing last month, rebounding from an initial decline in Thursday's after-hours trading.Repetto's Outperform rating aligns with the average Wall Street rating of Bullish (6 Very Bullish, 3 Neutral).