There's still lots of upside in Coinbase shares despite the recent volatility within the broader crypto market, according to Oppenheimer.
While reiterating the cryptocurrency exchange as overweight, analyst Owen Lau lowered the price target to $89 from $107 to reflect growing industry risk stemming from a collapsed deal between exchanges Binance and FTX. Still, that target implies upside of 93.6% from Wednesday's close. The stock has plummeted 81.8% in 2022.
While Coinbase was not directly involved in the failed FTX and Binance deal, he said the whole crypto market could be impacted negatively by increasing uneasiness among investors or enhanced government interest. But that could give way to benefits for the stock. In the near term, Coinbase will benefit from capitulation and panicked selling because of results in an increase in daily volume. But that could result in lower trading revenue. The company could also take market share from FTX.
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