Coinbase Stock Rises As Oppenheimer Sees Buying Opportunity Post Sell-Off: Retail Turns Extremely Bullish

Shares of Coinbase Global Inc. (COIN) gained more than 3% in morning trade on Friday after analysts at Oppenheimer sounded an optimistic note for investors looking to go long on the company.

According to a report by TheFly, Oppenheimer analysts see a buying opportunity in the Oppenheimer stock after its decline of over 6% over the past month.

The analysts predict that the fourth quarter will be “very good” for Coinbase, with an upwards earnings estimate for the coming years, especially with the pro-cryptocurrency presidency of Donald Trump.

Other factors that play into Coinbase’s strengths are regulatory clarity under Trump, higher trading volumes, and potential inclusion in the S&P 500 index.

Overall, Oppenheimer analysts remain optimistic about Coinbase’s prospects, maintaining their ‘Outperform’ rating for the stock. However, they’ve reduced the price target to $334 from $358.

Retail sentiment on Stocktwits turned ‘extremely bullish’ (75/100) from ‘bullish’ a day ago. Message volume also increased, entering the ‘extremely high’ (76/100) zone on Friday.

Meanwhile, one user thinks that the Coinbase stock price could break the $300 mark.

Other crypto-linked stocks were also seen surging in morning trade on Monday on reports that Trump may issue an executive order to make cryptocurrency policy a ‘national priority’ once he takes office on Jan. 20. 

Coinbase’s share price has risen by more than 17% in the past six months, while over the past year, it has more than doubled, with gains of 118%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Texas Instruments Stock Edges Higher Despite Price Target Cut By Wells Fargo Over Slowdown Concerns: Retail Remains Bullish

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