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

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

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.

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