Investment firm Oppenheimer raised its price forecast for Coinbase (NASDAQ: COIN) and said it’s more bullish on the crypto exchange ahead of its second-quarter earnings next month.
Analyst Owen Lau wrote in a note to clients that Oppenheimer estimates Coinbase will post record second-quarter trading volume, revenue and users, according to reports Wednesday.
“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.
Oppenheimer raised its price target for Coinbase to $444 from the $434 it set in May, the reports said. It reiterated its “outperform” stance.
Coinbase shares were little changed at press time.
The crypto exchange, which went public on Nasdaq in April, is due to post second-quarter results on Aug. 12.