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Oppenheimer Rates Coinbase Stock as ‘Outperform,’ Sets Price Target of $434
Oppenheimer analyst Owen Lau said Coinbase stock is likely to be volatile in the near term, but “earnings upside potential is significant.”
Updated Sep 14, 2021, 12:53 p.m. Published May 11, 2021, 12:42 p.m.
Investment firm Oppenheimer has rated Nasdaq-listed Coinbase Global (COIN) stock as “outperform,” saying the cryptocurrency exchange removes “pain points” in finance.
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- 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
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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