The stock of Coinbase Global (COIN) has received a bullish upgrade as the cryptocurrency exchange begins offering its trading services in Canada.
Analysts at Wall Street firm Oppenheimer (OPY) have raised their price target on Coinbase stock to $276 U.S. from $200 U.S. and reiterated a “buy” recommendation on the shares.
In a research note, Oppenheimer said that Coinbase is well positioned to benefit from the long-term adoption of blockchain technology.
The brokerage also raised its earning estimates for Coinbase, saying: “We estimate that COIN’s 1Q24 trading volume would be up 95% quarter-on-quarter and 107% year-on-year to $300B.”
The upwardly revised price targe on Coinbase’s stock to $276 U.S. represents 11% upside from the cryptocurrency exchange’s current share price.
Oppenheimer notes that Coinbase’s stock has more than doubled already in 2024 compared to a 6% gain in the S&P 500 index, saying: “At this level of trading, we are cautious about the near-term volatility, but remain positive on the long-term adoption of blockchain technology.”
News of the analyst upgrade comes a day after Coinbase announced that it has received regulatory approval to begin operating its cryptocurrency exchange in Canada.
Coinbase, which is the world’s largest crypto exchange, also becomes the biggest digital trading platform within Canada.
Coinbase has been aggressively expanding its operations internationally as it faces a regulatory crackdown in its home market of America.
The stock of Coinbase has risen 311% over the last 12 months and currently trades at $249.61 U.S. per share.
