Oppenheimer More Bullish on Coinbase
Oppenheimer reiterated its rating on the Nasdaq-traded crypto exchange and raised its target price.
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.
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