Oppenheimer rates Coinbase as outperform, says stock can climb nearly 50%

Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images

Newly public Coinbase is set up to be a smart, if volatile, bet on the future of cryptocurrency, according to investment firm Oppenheimer

Analyst Owen Lau initiated coverage of the stock on Monday night with an outperform rating, saying the company should benefit from cryptocurrency's ability at easing financial issues such as cross-border payments and access to banking.

More In Street Calls

CNBC ProEnergy stocks roar toward their best year in three decades amid recovery in oil
CNBC ProHere are Friday's biggest analyst calls of the day: Amazon, Facebook, Ford, GM, Delta, Nike & more
CNBC ProTop analyst upgrades Delta and Alaska Air, says trading is 'bizarre' compared to peers