Coinbase stock hit an all-time high on Monday—echoing Bitcoin’s own record move—just short of $400, the price target set by Argus Research in a note published earlier in the day. 

Analysts Kevin Heal and Masako Inagaki labeled the crypto exchange a buy, calling it “promising,” despite its premium valuation. 

The stock closed at $394.22 on Monday after hitting a record of $398.50, according to Yahoo Finance. Coinbase now has a market cap north of $100 billion.

“On the fundamentals, [COIN] shares are off the charts,” the analysts said in the note. “That said, we believe that COIN’s margins are higher than the peer group and its growth runway is promising, justifying the premium, at least in the near term and during a bull market.”

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Author: Liz Napolitano

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