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. 

Read also: Coinbase Direct Listing Gets $100B+ Valuation as Share Price Jumps in Nasdaq Debut

Read more about...

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.