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Oppenheimer Bullish on Coinbase: Bank Raises Earnings Forecast 

Last Updated April 5, 2024 4:33 PM
James Morales
Last Updated April 5, 2024 4:33 PM
By James Morales
Verified by Peter Henn

Key Takeaways

  • Oppenheimer analysts have raised their target price for Coinbase shares from $200 to $276.
  • Currently, COIN is trading at around $250.
  • With crypto markets looking bullish, other analysts are also optimistic about Coinbase

New York investment bank Oppenheimer has hiked its target price for Coinbase stock from $200 to $276 per share.

In a report published on Wednesday, the firm forecast a significant increase in Coinbase trading volume to $300 billion when the crypto exchange publishes figures for the first quarter. 

Is Coinbase Stock Underpriced?

Most analysts expect crypto markets to remain buoyant into 2025. Therefore, Oppenheimer suggested Coinbase could well benefit from money flowing into the sector.

The report said: “Liquidity in this space has continued to increase, with the average market cap of USD Coin (USDC) increasing 12% quarter-on-quarter to $28 billion.”

At the time of writing (April 5 2024), Coinbase stock is trading at around $250. This suggests COIN could be undervalued by as much as 10%, if Oppenheimer’s analysis is correct.

Oppenheimer Anticipate Strong Q1 Numbers

Coinbase is expected to publish its financial results for the first quarter of 2024 in May.

Analysts Owen Lau and Guru Sidaarth wrote: “We estimate that COIN’s Q124 trading volume would be up 95% quarter-on-quarter and 107% year-on-year to $300 billion.”

The report also emphasized Coinbase’s role in the booming Bitcoin ETF market, which is now worth around $60 billion.

What Other Analysts Think

Oppenhiemer’s Coinbase forecast is one of the most optimistic, but it isn’t the only advisory to have hiked its COIN target price.

Firstly, Keefe, Bruyette & Woods recently raised its target from $160 to $230.  Meanwhile, JP Morgan went from $95 to $150.

The most bullish recommendation comes from JMP Securities, which has suggested the stock is worth buying all the way up to $300.

 

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