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Oppenheimer Rates Coinbase Stock as ‘Outperform,’ Sets Price Target of $434

Oppenheimer analyst Owen Lau said Coinbase stock is likely to be volatile in the near term, but “earnings upside potential is significant.”

Updated Sep 14, 2021, 12:53 p.m. Published May 11, 2021, 12:42 p.m.

Investment firm Oppenheimer has rated Nasdaq-listed Coinbase Global (COIN) stock as “outperform,” saying the cryptocurrency exchange removes “pain points” in finance.

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Oppenheimer analyst Owen Lau rated the stock in a note Monday, according to a CNBC report, setting a 12–18-month target of $434 per share, up 48% from the close around $293.
Lau noted Coinbase should benefit from cryptocurrency’s ability to ease financial issues such as cross-border payments and access to banking, CNBC said.
“We view COIN as an enabler of crypto innovation which solves some pain points in the existing financial system while leveraging its trading arm to monetize the success,” Lau said.
The Oppenheimer analyst cautioned that COIN is likely to be volatile in the near term and may be more suitable for long-term investors.
On April 14, Coinbase’s shares started trading on the Nasdaq in a direct listing, with shares trading at $381 at launch.

Coinbase Ratings CoinFlash

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.