is certainly one of Oppenheimer’s prime picks for the 12 months forward due to the continued adoption of digital belongings by each establishments and retailers.
Analysts at Oppenheimer charge the inventory at Outperform with a $444 worth goal.
The inventory rose 2% on Wednesday to $252.01.
Coinbase (ticker: COIN), the cryptocurrency alternate, made its debut in April in a direct itemizing. Nasdaq had a $250 reference worth on the inventory.
Oppenheimer analyst Owen Lau predicted extra traders will think about digital belongings as an choice of company treasury administration.
“For institutional traders who’re curious about getting publicity to digital belongings,we consider COIN is well-positioned to profit from it,” the analyst mentioned. “Extra importantly, we’re nonetheless within the early innings of this improvement, and we consider many traders are nonetheless on the sidelines.”
On the retail facet, Lau mentioned, there shall be extra choices obtainable for customers to decide on digital belongings as a type of a cost. “Monetary establishments, cost community and retailers will permit customers to transact in crypto,” he wrote in a word Wednesday.
(SPGI) additionally have been chosen as Oppenheimer’s prime picks for 2022. Oppenheimer charges each Nasdaq and S&P International at Outperform with worth targets of $228 and $537, respectively.
Write to Karishma Vanjani at [email protected]