Coinbase (COIN) seems to be facing an "unfavorable" setup ahead of its Q2 earnings due to "weak" trading volume in the quarter, Oppenheimer said in a note to clients Monday.
The investment firm said it forecasts Coinbase's Q2 trading volume at $220 billion, down 3% year-over-year and down 44% sequentially, which is 24% below consensus estimates.
Oppenheimer analysts also expect Coinbase's Q2 revenue, adjusted EBITDA, and EPS to be 15%, 34%, and 64% below Street estimates, respectively.
The investment firm said that Coinbase's shares increased more than 100% in the quarter and were the S&P 500's best Q2 performer due to factors like its inclusion in the S&P 500 and the passage of the GENIUS Act by the Senate.
"We believe a more attractive entry point could happen after the print," the note said.
Oppenheimer kept an outperform rating on the stock and increased its price target to $417 from $395 citing "increasing regulatory clarity going into Crypto Week."
Shares were up 2% in recent trading.
Price: 394.59, Change: +7.53, Percent Change: +1.95
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