Oppenheimer More Bullish on Coinbase

Investment firm Oppenheimer raised its price forecast for Coinbase (NASDAQ: COIN) and said it's more bullish on the crypto exchange ahead of its second-quarter earnings next month.

Analyst Owen Lau wrote in a note to clients that Oppenheimer estimates Coinbase will post record second-quarter trading volume, revenue and users, according to reports Wednesday.
"We continue to see a sharp dislocation between [Coinbase's] fundamentals and its valuation and believe the current price offers an attractive entry point for long-term investors," Lau wrote.
Oppenheimer raised its price target for Coinbase to $444 from the $434 it set in May, the reports said. It reiterated its "outperform" stance.
Coinbase shares were little changed at press time.
The crypto exchange, which went public on Nasdaq in April, is due to post second-quarter results on Aug. 12.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.