Coinbase price target raised to $276 from $200 at Oppenheimer

Oppenheimer raised the firm’s price target on Coinbase to $276 from $200 and keeps an Outperform rating on the shares. The firm notes the adoption of digital assets continued after the approval of spot Bitcoin ETF in January. Oppenheimer estimates that Coinbase’s Q1 2024 trading volume would be up 95% quarter-over-quarter and 107% year-over-year to $300B. More importantly, liquidity in this space has continued to increase, with the average market cap of USDC increasing 12% quarter-over-quarter to $28B. Some of the firm’s thesis has played out as expected. At this level of trading, Oppenheimer is cautious about the near-term volatility, but remains positive on the long-term adoption of blockchain technology. It believes Coinbase can be one of the beneficiaries for this long-tern trend.