Oppenheimer raises Coinbase share price target to $276

New York-based financial firm Oppenheimer increased Coinbase's share price target to $276, up from a previous target of $200, while reiterating its buy rating.

The increased price target to $276 from Oppenheimer is around 10% higher than Wednesday's closing share price of Coinbase, which was $251.58.

'The adoption of digital assets continued after the approval of spot bitcoin ETFs in January," said Oppenheimer Executive Director Owen Lau in a note. "We estimate that COIN's 1Q24 trading volume would be up 95% quarter-on-quarter, and 107% year-on-year to $300 billion.

Lau added that liquidity in the space has continued to grow, with USDC's market cap increasing 12% between the first quarter of 2024 and the last quarter of 2023.

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According to Oppenheimer, the continued adoption of digital assets and blockchain technology can help Coinbase remain a key beneficiary in the cryptocurrency sector over the long-term.

In pre-market trading on Thursday, Coinbase shares increased 3.29% to $259.85 at 8:56 a.m. ET. The cryptocurrency exchange's share price has risen by more than 44% since the beginning of the year.