Coinbase Global (NASDAQ:COIN) stock has underwhelmed investors after its highly anticipated IPO. The stock is now trading 25% lower since its initial offering however Wallstreet continues to back the crypto exchange platform.
Oppenheimer analyst Owen Lau raised the firm’s price target on Coinbase to $444 a share. The price boost suggests an upside just north of 81% from the current trading price.
Lau is confident that Coinbase can deliver another record quarter in trading volume, revenue, verified users and MTU according to theFly. Furthermore, the analyst highlighted the separation between the trading price and the companies fundamentals, suggesting an upside that is yet to be realised.
“We continue to see a sharp dislocation between [Coinbase’s] fundamentals and its valuation and believe the current price offers an attractive entry point for long-term investors,” Lau wrote.
Wallstreet sees strong upside in Coinbase stock
Across the board of 16 Wallstreet analysts, the average 12 month price target currently stands at a bullish $379. This target represents an upside of 54% from the current trading price. It is clear analysts can see mid-long term potential in Coinbase as the stock continues to trade below fundamental valuations.
Furthermore, some analysts also see Coinbase as a way to expose your portfolio to the cryptocurrency boom whilst controlling volatility.
For example, Goldman Sachs analyst Will Nance noted in May that Coinbase stock was the best way to gain exposure to the crypto-currency ecosystem. The analyst initiated coverage with a Buy rating and a price target of $306 a share.
How high can Coinbase go?
Despite Coinbase stocks recent performance, some analysts expect the stock to rebound beyond $500 a share in the next 12 moths. DA Davidson analyst Gil Luria raised the firm’s price target on Coinbase to $650 a share.
The target remains the streets highest, suggesting an upside of 165%. Luria noted Coinbase remains a market leader due to “superior user experience, security and strong compliance”.
In addition, BTIG analyst Mark Palmer also sees the stock exceeding expectations with a $500 price target. Palmer’s price target is based on 16-times estimated fiscal 2024 net revenue of $8.2B according to theFly.
See our Coinbase stock forecast below
The information above is not financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.
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