Coinbase Stock on the Rise After Oppenheimer Upgrade To ‘Outperform’: Report
Coinbase’s (COIN) stock is rising after multiple reports of being upgraded to “outperform” by a prominent investment brokerage and bank.
According to a new report by Yahoo Finance, financial services giant Oppenheimer expects the top US-based crypto exchange platform’s stock to outperform expectations and reach a price tag of $160.
In an accompanying research note, Owen Lau, the analyst who made the prediction, says that one reason the stock will perform well is that Coinbase will either prevail in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against it or the court will dismiss it.
Furthermore, Lau says that interest rate hikes, Bitcoin’s (BTC) upcoming halving event in April, and the further adoption of digital assets will all help push COIN up.
As stated by Lau in the letter, according to MarketWatch,
“We believe Coinbase can prevail in the lawsuit, and there is a good chance that the court will dismiss all or part of this complaint…
We believe a rate cut, halving, and further adoption can boost the top and bottom lines for COIN over the next two years.”
The SEC originally sued Coinbase in June 2023, claiming that the crypto exchange was selling unregistered securities. At the time, the SEC claimed that digital assets offered on the platform fell within the scope of its jurisdiction.
Earlier this year, a Bloomberg analyst predicted a 70% chance Coinbase would win a motion to toss the lawsuit.
COIN is trading for $126 at time of writing, a 3.83% increase during the last 24 hours. A hike to Lau’s level would be a 27.5% increase from the stock’s current price.
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