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While crypto exchange Coinbase may seem volatile, the stock presents attractive returns for investors willing to wait out until the longer term, according to Atlantic Equities. The firm upgraded Coinbase shares to overweight from neutral. Analyst Simon Clinch maintained his price target of $70, which implies shares rallying 23% from Friday’s close. “The company is regaining custody asset share and is also leveraging its trust credentials to exercise pricing power – both important steps towards building resilience in the model,” Clinch said in a Tuesday note. “While risks remain in the form of a weak volume backdrop, recession, regulation, and market prices, we believe that Coinbase’s recent actions allow investors to look through towards the longer-term opportunity.” Clinch added that the company executed better-than-expected cost reduction efforts in the first quarter, giving more confidence in its commitment to returning the business to a profitable earnings cycle. “These actions are building resilience in the business model, and we believe enables investors to think longer-term once more,” Clinch said. Despite the volatility of crypto markets that is reflected in the company’s fundamentals, the analyst says Coinbase remains the “best expression of crypto.” He noted that “a 10% move in crypto market cap impacts our target by about 7-8%, making Coinbase the best way to express a view on the crypto market.” Coinbase shares are up 60.8% year to date. To be sure, the stock has dropped more than 24% in the past 12 months. COIN YTD mountain Coinbase stock —CNBC’s Michael Bloom contributed to this report.