For the financial services provider Oppenheimer, the Coinbase share is significantly undervalued. One analyst even sees the unit price at 444 US dollars.
The asset manager Oppenheimer is a Coinbase bull. Like the business paper MarketWatch first reported Oppenheimer, more precisely his analyst Owen Lau, expects strong figures for the second quarter of 2021.
We continue to see a large discrepancy between fundamentals and the valuation of [Coinbase] and believe that the current price offers an attractive entry point for long-term investors
, writes Lau. More specifically, Oppenheimer is aiming for a price target of $ 444. The company is thus expanding its already bullish stance: Two months ago, Lau and the like defined their price target at 434 US dollars.
If the assessment is actually correct, it would indeed be a cheap entry-level price. After all, Coinbase is trading at $ 251, 76 percent below the Oppenheimer price target.
Based on our analysis, we estimate that [Coinbase] will see another record quarter in terms of trading volume, revenue and verified users.
Owen Lau
Coinbase shares soar
The reason for the bullish price target of $ 444 is strong fundamentals. User growth and trading volume suggest that Coinbase can come up with good numbers for its upcoming annual report on August 12th.
Even today, COIN offers a small foretaste of possible price gains: After all, the stock is around 7 percent up.
Coinbase recently made headlines in this country. Because since June 29, Coinbase Germany has been the first company to secure the coveted license for the crypto custody business.