Coinbase Global's (COIN) inclusion in the S&P 500 index on May 19 is a "watershed moment" with "huge implications" for the company and the cryptocurrency industry, Oppenheimer said Monday in a report.
The inclusion boosts purchases from index funds and puts Coinbase "under a closer radar of non-index funds that benchmark against the S&P," Oppenheimer said.
Other catalysts that may bolster Coinbase stock include further de-escalation of trade tensions, a rebound in altcoins, mergers and acquisitions, interest rate cuts and a gain in market share, the report said.
Oppenheimer raised its price target on Coinbase stock to $293 from $269 and maintained its outperform rating.
Coinbase shares jumped 18% in recent Tuesday trading.
Price: 243.51, Change: +36.29, Percent Change: +17.51
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