Key Takeaways
- Oppenheimer analysts lifted their price target for cryptocurrency exchange operator Coinbase stock on Sunday.
- The exchange is positioned to benefit from the widespread adoption of digital assets, the brokerage firm said.
- Congress is preparing to discuss three crypto-friendly bills this week that could increase the use of digital assets.
Shares of Coinbase Global rose Monday as bitcoin hovered near highs and Congress prepared to take on a number of cryptocurrency matters in the coming days.
Coinbase (COIN) shares were recently up about 2%. Oppenheimer analysts raised their price target for the crypto exchange operator as Congress was moving to discuss three crypto-friendly bills this week that could increase the use of digital assets. The bullish targets come as Bitcoin (BTCUSD) traded above $120,000 on Monday, continuing its run to new heights.
The exchange company is “well positioned to benefit from mass adoption of digital assets,” Oppenheimer analysts wrote Sunday. If Congress can pass the GENIUS Act and the Digital Asset Market Clarity Act, which establish frameworks for stablecoins and crypto market regulation, respectively, “it will legitimize this space and drive adoption,” Oppenheimer said.
Oppenheimer lifted its price target for Coinbase stock to $417 from $395, marking about a 7% premium over Coinbase’s Friday close near $387 and well above the analyst consensus near $330 from Visible Alpha. Shares of Coinbase are up 59% for 2025.
Analysts at Argus Research initiated coverage of Coinbase with a $400 target issued on Monday. The exchange’s “growth runway is promising,” the broker said, justifying its price.