Coinbase Global Inc. (COIN) shares gained more than 3% in morning trade on Friday after Oppenheimer analysts issued a positive outlook for the stock, signaling a potential buying opportunity following a recent sell-off. The cryptocurrency exchange’s stock had fallen over 6% in the past month, but Oppenheimer sees this as an opportunity for investors to go long on Coinbase.
The analysts at Oppenheimer predict a strong fourth quarter for Coinbase, noting that earnings estimates for the company in the coming years are expected to rise. This optimism is largely attributed to a favorable regulatory environment under President Donald Trump, who has been seen as more supportive of cryptocurrency, which could be a tailwind for the industry. Oppenheimer’s report highlights the potential for Coinbase to benefit from higher trading volumes and the possibility of inclusion in the S&P 500 index.
While maintaining their ‘Outperform’ rating for Coinbase, Oppenheimer analysts have lowered their price target for the stock to $334 from the previous $358, citing the recent pullback in price. Despite this reduction, the outlook for Coinbase remains generally optimistic, with analysts anticipating continued growth for the company in the coming quarters.
CWEB analysts are also bullish on Coinbase, considering the stock’s potential for long-term growth amidst an increasingly supportive environment for cryptocurrencies. The combination of a favorable regulatory backdrop and the broader crypto market’s recovery suggests that Coinbase may be poised for a solid rebound, making it a strong consideration for investors looking to capitalize on future growth in the crypto sector.
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