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.