Cryptocurrency exchange Coinbase Global Inc. bagged a rating upgrade from investment research firm Oppenheimer Co. Inc., according to The Fly.

  • Oppenheimer Analyst Owen Lau gave Coinbase an Outperform rating with a $434 price target.
  • Lau believes Coinbase has a “strong business model” as the company solves pain points in the financial system.
  • In the latest rating, Lau cited Coinbase’s liquidity pool, customer trust, platform security, and innovation.
  • Coinbase made its Nasdaq debut last month when it closed at $328.28 per share.

COIN: Nasdaq is down 5.09% premarket.